Congratulations! Gold has just opened a new era... or, rather, reopened...
Crude dips in Asia after API build comes less than expected
On Thursday, crude sagged in Asia, after a weaker than expected API build in oil inventories didn’t manage to raise sentiment with Hurricane Irma making its way to the US East Coast as well as recovery efforts still being taken in the aftermath of Hurricane Harvey.
October delivery crude futures dived 0.22% being worth $49.05 a barrel in New York. At the same time in London Brent futures descended 0.20% trading at $54.09 a barrel.
At the end of the previous week American crude inventories rallied by 2.79 million barrels, as the American Petroleum Institute informed on Wednesday. It’s less than the 4 million barrels build expected by financial experts.
Gasoline inventories slumped by 2.54 million barrels, while distillates dipped by 600,000 barrels. As for supplies at the crude hub of Chushing, Oklahoma, they inched up by 670,000 barrels.
Overnight, crude grew for a third day in a row because demand for oil got back from restarted Gulf Coasts refineries reacting to a series of disruptions to American refining capacity because of Storm Harvey.
China’s Manufacturing PMI will be out on Wednesday at 04:00 MT time!
China's industrial rebound, progress in US fiscal stimulus and other important news in this article.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!