Crude prices leap on dipping American fuel inventories and lower production outlook

Crude prices leap on dipping American fuel inventories and lower production outlook

On Wednesday, crude prices went up more than 1.5%, extending profits from yesterday because the American government downgraded its crude output outlook for 2018. Moreover,  fuel inventories edged down.

Brent crude futures gained 1.6%, hitting $48.28 a barrel, while American West Texas Intermediate crude futures showed $45.82 per barrel, rising 1.7%. On Tuesday, both managed to settle 1.4% higher.

Crude prices soared steeply overnight because the Energy Information Agency reduced its forecast for American output in 2018. Meanwhile, API data unveiled another large inventory drawdown.

American crude inventories went down by 8.1 million barrels by July 7, dropping to 495.6 million, as the American Petroleum Institute informed, thus showing that a long-standing fuel supply overhang is actually starting to decrease.

Besides this, the US Energy Information Administration reported that it expected next year’s crude output to ascend to 9.9 million barrels per day from this year’s 9.3 million bpd, which would be a 570,000 bpd leap.

Similar

Gold declines on Fed remarks

On Wednesday, gold headed south and kept to a one-year minimum due to the fact the evergreen buck managed to strengthen on Fed Chair’s remarks, which backed views that the US major financial institution considers lifting its interest rates this year…

Popular

Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera