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Crude markets are sturdy on ascending refinery demand and dipping US rig count
On Monday, crude markets were sturdy and kept to multi-month maximums hit late the previous week as the number of American rigs drilling for fresh output went down and refineries kept starting up after being heavily affected by Hurricane Harvey.
American West Texas Intermediate crude futures demonstrated $49.89 a barrel being intact from their settlement last Friday, simultaneously staying close to the more than three-month maximum of $50.50 briefly hit on Thursday.
Brent crude futures hit $55.67 a barrel, rising 5 cents, which is not far off the nearly five-month maximum of $55.99 showed on Thursday.
Crude refineries across the Gulf of Mexico as well as the Caribbean were restarting after being unavailable because of hurricanes Harvey and Irma that affected the region for the last three weeks.
American energy firms reduced seven crude rigs by September 15, thus bringing the total countdown to about749, which is the fewest outcome since June, as energy services company Baker Hughes reported on Friday.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.