Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Crude sags in Asia on API estimates
On Thursday, crude sank in Asia because American industry estimates demonstrated a bearish as well as unexpected build in oil inventories, while market participants waited for official figures.
November delivery crude futures tumbled 0.55% in New York being worth $51.02 a barrel. As for Brent futures, they sank 0.61% in London trading at $56.59 a barrel.
American crude stocks ascended a more-than-expected 3.097 million barrels at the end of the previous week, as the American Petroleum Institute informed on Tuesday. At the same time gasoline inventories edged down by 1.575 million barrels, while distillates soared 2.029 million barrels.
Crude inventories decreased by 1.8 million barrels. Additionally, distillates dipped by 2.375 million barrels, gasoline stocks are expected to demonstrate a 1.025 million barrels slump.
Overnight, oil managed to settle higher because OPEC told demand for crude is set to inch up next year thus raising investor hopes that higher demand is going to tame excess supplies.
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