Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Crude inches up in Asia on China trade
On Friday, crude managed to earn in Asia because China August trade data happened to be supportive in Yuan terms, although overall greenback figures demonstrated a tumble from July.
October delivery crude futures grew 0.22% in New York trading at $49.20 a barrel. In London, Brent futures soared 0.31% being worth $54.66 a barrel.
In China the trade balance data showed a surplus of $41.99 billion, which is definitely narrower than the expected $48.6 billion for August. As a matter of fact, imports rallied 13.3%, which is better than the 10% revenue observed, while exports went up 5.5%, versus a profit of 6% supposed.
In August, China’s crude imports hit 33.98 million metric tons, versus July’s 34.74 million metric tons.
A bit earlier, China announced that Yuan-denominated exports tacked on 14.4% on year.
Inventories of American crude leapt by approximately 4.6m barrels by September 1, thus missing expectations of a jump of ju8st 4m barrels.
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
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The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.