Crude earns in Asia on mixed US inventory picture

Crude earns in Asia on mixed US inventory picture

On Thursday, crude prices rebounded in Asia because market participants saw buying opportunity on overnight sag on mixed American inventory data.

The US record refinery runs are actually drawing down oil stocks, although gasoline produced isn’t seeing expected sturdy demand. It’s because the summer driving season heads for a close.

In New York, September delivery crude futures rallied 0.24% being worth $46.89. In London, Brent futures soared 0.44% reaching $50.49 a barrel.

Overnight, oil settled lower because data showing that American crude output grew to its highest value for two years compensated a slump in supplies of American crude for a seventh-straight week.

Crude had been sagging for the third-straight day. A report from the Energy Information Administration unveiled that crude stockpiles edged down by more than expected the previous week, and it failed to tame worries over a soar in production.

 

Similar

Gold slumps to 1-week minimum as greenback is still backed

On Wednesday, gold declined to one-week minimum because strength in the evergreen buck kept weighing, in spite of the fact caution ahead of the minutes of the Fed’s latest gathering along with uncertainty surrounding a huge American debt auction this…

Popular

EU shares mostly inch down

On Friday, EU shares mostly traded lower because markets were busy with digesting comments by ECB President Mario Drgahi…

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera