Crude dips in Asia after API build comes less than expected

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.


Gold fell below $1,700

Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.

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ECB report is in focus
ECB report is in focus

The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time. 

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