Crude holds revenues in Asia

Crude holds revenues in Asia

On Thursday, crude held profits in Asia after dismal inventory data in America slammed benchmarks hard overnight and traders saw scope to buy the dip.

On the New York Mercantile Exchange May delivery crude futures grew 0.63%, being worth $51.71 a barrel. Meanwhile, on London's Intercontinental Exchange, Brent futures inched up 0.76%, reaching $53.33 a barrel.

On Friday, the financial markets will take their next cue off American rig count data from Baker Hughes.

Overnight, crude settled lower on Wednesday because worries over ascending levels of American crude output returned, after the Energy Information Administration posted American crude inventories edged down less than expected.

Crude prices sank 4%, which is the biggest one-day sag since early March, after bearish American inventories data powered worries that the increasing levels of American crude output could weigh on OPEC’s efforts to drop supply.

 

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