Another all-time high has juts been reached by the famous crypto asset. What next? $100,000?
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.
The giant chip maker exceeded analysts’ expectations. Even with a global GPU shortage!
OPEC will hold a meeting on March 4, where it should announce its decision on further oil output.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.