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Crude goes down as flooding from Harvey affects US crude industry
On Friday, American crude futures declined in Asia trade, partly reversing steep revenues from the previous trading session, amid everlasting turmoil in the crude industry with almost a quarter of American refining capacity offline.
American West Texas Intermediate crude futures slumped 0.6% being worth $46.96 barrel. On Thursday, the contract rebounded 2.8%, though still heading for a weekly dip of 1.9%.
November delivery Brent contract sagged 0.2% reaching $52.78 barrel. As for the contract for October delivery that concluded on Thursday, showed a 2.99% soar trading at $52.38 a barrel.
American gasoline futures have ascended more than 28% reaching a two-year maximum above $2 a gallon, underpinned by concerns of a fuel shortage a couple of days ahead of the Labor Day weekend's ascend in driving in the USA.
Meanwhile, September delivery gasoline contract managed to settle up 13.5% being worth $2.1399 on the final day of trading of the contract. As for October delivery gasoline contract, it slumped 0.2% trading at $1.7750.
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!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.