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Crude holds revenues in Asia ahead of API estimates
On Tuesday, crude prices held early revenues in Asia with figures on American inventories later in the day supposed to set the market tone in thin regional trade with financial markets in Hong Kong, China India and Taiwan closed for holidays.
In New York, May delivery crude futures ascended 0.08%, being worth $50.328 a barrel. In London, Brent futures soared 0.06%, reaching $53.15 a barrel.
Late on Tuesday, the American Petroleum Institute will issue its estimates of crude stocks at the end of the previous week. The figures are going to be followed on Wednesday by official data from the US Energy Information Administration. Experts expect crude inventories to sag by 530,000 barrels at the end of the previous week, with distillates down by approximately 1.12 million barrels as well as gasoline supplies demonstrating a 1.462 million barrels dip.
Overnight, oil settled lower, as traders fret over surging American shale output while a rebound in Libyan crude output weighed on market sentiment.
Follow Canadian core retail sales on September 18 at 15:30 MT time!
The US dollar gained after the Fed’s report, while riskier assets dropped. Let’s have a closer look.
Keep an eye on the UK monetary policy statement on September 17 at 14:00 MT time!