Crude rises on tighter American market and Middle East tensions

Crude rises on tighter American market and Middle East tensions

On Wednesday, crude ascended, backed by a dip in American crude inventories as well as worries that tensions in the Middle East could affect supplies.

Brent crude futures LCOc1 hit $58.27, soaring 0.7% from their previous close.

American West Texas Intermediate crude futures CLc1 reached $52.08 a barrel, tacking on 0.4%.

Market participants told that prices were underpinned by a sag in American crude inventories and also deep concerns that combat actions in Iraq along with mounting tensions between Iran and America could disrupt supplies.

American crude inventories sank by 7.1 million barrels by October 13 hitting 461.4 million barrels, as the American Petroleum Institute reported on Tuesday.

Official American fuel inventory data is expected to be released by the Energy Information Administration on Wednesday.

Middle East tensions also contributed to a tightening American market, also pushing crude up.

Similar

Popular

Greenback descends versus yen

On Thursday, the evergreen buck was just a touch lower versus the Japanese yen after reaching an eight-week peak overnight…

Gold is at 5-month minimums on stronger greenback

On Friday, gold dived to five-month minimums because optimism as for the US tax reform overhaul kept underpinning demand for the US dollar ahead of the highly-anticipated American nonfarm payrolls report to be released a bit later in the day…

Gold descends on profit-taking in Asia

On Monday, gold sank on profit-taking in Asia because market participants are closely watching the evergreen buck for potential further dives closely connected with a more gentle than anticipated rate lift path by the key US bank in 2018 after gloomy…

promotions you can be interested in

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

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