Observing news today one can easily get disappointed. However, things are getting better.
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.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
Moody’s downgraded the country to ‘junk’ status on Friday.
The US economy has been hit hard by the coronavirus outbreak.
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.