Observing news today one can easily get disappointed. However, things are getting better.
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.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
WTI was at $20 per barrel just in the beginning of the day. Currently - above 25$.
27,000 people became unemployed in private sector
The US Non-farm payrolls, also known as NFP, will be published on April 3, at 15:30 MT time.