What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
Crude holds profits in Asia after steep draw in API estimates
On Wednesday, oil held profits in Asia after a greater than expected draw in industry estimates of American crude inventories. Additionally, traders noted political risk from the recent launch of a ballistic missile by North Korea ahead of a summit between US and Chinese leaders.
In New York, May delivery crude futures gained 0.57%, being worth $51.32 a barrel. Additionally, in London Brent futures added 0.44%, trading at $54.41 a barrel.
In America, crude inventories sagged more than expected, losing 1.83 million barrels and getting to 533.7 million barrels at the end of the previous week, as the American Petroleum Institute disclosed on Tuesday.
Gasoline stocks decreased by 2.56 million barrels, while distillates, demonstrating a dip of 2.09 million barrels, also slid more than levels observed in estimates.
On Wednesday, ship brokers told a further sign of reduce crude shipments worldwide by OPEC comes via crude analysis company firm Vortexa, which showed cargoes shipped sagged by 17% since the January start of a coordinated pact by OPEC as well as leading non-OPEC producers to trim almost 1.8 million barrels per day of crude from global financial markets.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.