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Crude prices tack on in Asia
On Friday, oil soared in Asia with market sentiment backed by an everlasting rebalance of demand and supply, not to mention geopolitical tensions as for rumblings for Kurdish independence in Iraq.
Additionally, later on Friday market participants are waiting for the Baker Hughes rig count for the anticipated weekly update on the number of American rigs drilling for crude.
In New York, November delivery crude futures grew 0.04% reaching $51.58 a barrel. In London, Brent futures soared 0.02% hitting $57.27 a barrel.
Overnight, oil settled lower because investors happened to unwind some of their bullish bets on oil, although market sentiment on crude was still upbeat reacting to inventory data on Wednesday demonstrating a sudden draw in crude supplies.
Crude dived because market participants took profit on the recent soar that has seen crude prices reached multi-month peaks on hopes that higher global demand would push the market closer toward rebalancing.
China’s Manufacturing PMI will be out on Wednesday at 04:00 MT time!
China's industrial rebound, progress in US fiscal stimulus and other important news in this article.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!