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Crude shows mixed performance in Asia on caution with Korea tensions
On Thursday, crude prices demonstrated mixed performance in Asia, with market sentiment cautious due to recovering tensions on the Korean peninsula and traders waiting for regular data points on supply and demand worldwide.
In New York, September delivery crude futures were intact, sticking to $49.56 a barrel. Meanwhile, in London, Brent futures grew 0.06% being worth $52.73 a barrel.
Overnight, oil futures settled higher because market participants welcomed data showing a steep sag in US crude supplies, although revenues were capped by a sudden uptick in gasoline stockpiles.
Crude tried to reverse a two-day losing streak, following a report from the Energy Information Administration, which unveiled that oil stockpiles inched down by more than expected the previous week, pointing to a leap in refinery activity.
Inventories of American crude went down by approximately 6.5m barrels by August 4, ruining expectations of a draw of nearly 2.7m barrels.
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!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.