Crude futures ascend 1% after American stockpile draw

Crude futures ascend 1% after American stockpile draw

On Thursday, crude futures headed north, having dipped to a three-week minimum in the previous session, affected by a report from an industry body, which showed American crude stockpiles had sunk more than expected.

Data from the American Petroleum Institute disclosed that by May 26 crude inventories lost by 8.7 million barrels at 513.2 million, unlike experts’ expectations for a tumble of 2.5 million barrels.

July delivery Brent crude futures gained 40 cents, hitting $51.16 a barrel.

As for US West Texas Intermediate crude futures, they soared 38 cents, hitting $48.71 a barrel.

In the previous session, they went down $1.34, losing 2.7% percent just to settle at $48.32 per barrel, the lowest value since May 12. In May, the American benchmark also dipped for a third month, losing 2%.

Crude futures have given up all the revenues reported in advance of the previous week's agreement between OPEC as well as non-OPEC producers to extend an output cut for a further nine months.

Similar

Gold inches up

On Thursday, gold ascended because bullish traders took the Fed’s latest hawkish remark in stride and also targeted the $1,250 level for the purpose of recapturing ground lost earlier in the year…

Gold goes down

On Wednesday, gold sank after a two-day rally because a strengthening greenback took some of the bullish support from the yellow commodity because the Fed uncovered details from its latest policy gathering…

Gold rallies to 3-month maximums

On Monday, gold surged nearly 1% hitting the highest value for three months because a combination of fears over soaring American yields as well as the impact of trade clash, along with geopolitical risks and also a weaker greenback, backed demand for the…

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

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