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Crude goes down in Asia as focus shifts back to oversupply
On Friday, crude prices edged down steeply in Asia because market participants shrugged off American inventory data and focused on an ongoing global supply glut.
August delivery crude futures went down 1.41% in New York, demonstrating $44.88 a barrel. At the same time Brent futures lost 0.96% in London, trading at $47.43 a barrel.
Overnight, crude futures managed to settle higher on Thursday, underpinned by data demonstrating that supplies of American crude went down by more than expected, thus relieving worries that American output would keep contributing to the glut in supply.
Crude prices eased from their peaks, though ultimately settled higher, following Thursday’s positive report from the Energy Information Administration. They bolstered a revival in crude prices from a 4% sink sustained in the previous session because both gasoline as well as crude stocks piles inched down more than expected.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…