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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.
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On Wednesday, gold was nearly intact, sticking with a four-month minimum because better-than-anticipated economic data from China kept global appetite for risky assets healthy and also tamed demand for havens…
On Tuesday, the yellow metal went down in Asia against the backdrop of more positive developments in the China-US trade negotiations…
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On Monday, Asian stocks traded mostly higher, with Shanghai bucking the trend because centrist Emmanuel Macron fully matched opinion survey hopes and left anti-EU far-right nominee Marine Le Pen behind…
Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…
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