Crude leaps in Asia

Crude leaps in Asia

On Friday, crude went up in Asia after the USA fired dozens of missiles into Syria, responding to a chemical weapons attack on civilians.

In New York, May delivery crude futures surged 1.51%, hitting $52.48 a barrel. Meanwhile, in London, Brent futures added 1.55%, trading at $55.70 a barrel.

Besides this, traders shift their attention to Baker Hughes rig count, expected to be released later on Friday.

Overnight, oil settled higher, as hopes that an OPEC-led cut would be extended beyond June compensated bearish American inventories data.

Oil futures managed to settle higher for a third straight day notwithstanding renewed worries that a ramp up in American crude output would dampened OPEC’s efforts to cut supply, after American crude inventories reached a record peak on Wednesday.

Wednesday’s report from the Energy Information Administration revealed a sudden surge in US crude inventories that confounded expectations for a dip in inventories because America approaches the ‘summer driving season’.

 

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