Events in Libya pushed the oil price up. So what's the strategy to benefit from it?
Crude soars in Asia as API estimates back
On Wednesday, crude leapt in Asia trade after industry estimates showed a positive picture on American crude as well as refined product figures.
November delivery crude futures grew 0.66% in New York being worth $50.23 a barrel. At the same time in London Brent futures acquired 0.47% hitting $55.40 a barrel.
At the end of the previous week US crude stocks jumped a less than expected 1.4 million barrels, as the American Petroleum Institute informed on Tuesday. Meanwhile, gasoline stocks went down 5.1 million barrels, while distillates sank 6.1 million barrels.
Financial experts actually hoped for a 2.925 million barrels build in oil and also a 2.025 million barrels sag in gasoline as well as a 1.175 million barrels dive in distillates.
Overnight, crude settled lower because data expected to demonstrate American crude stockpiles rallied for the third straight week compensated earlier upbeat mood that followed remarks from Iraqi oil minister Jabar al-Luaibi on a probable extension to the OPEC-led agreement to restrict crude output.
The oil prices experienced significant losses amid the US-Iran tensions at the beginning of the year. What's next?
Iran retaliates, Donald Trump will announce the next step by the US today. Gold flies up to $1,600 per ounce.
To be considered an official law, the Brexit paper just needs a signature of the Queen now. How does that affect the GBP?
Canada will publish the headline and core retail sales on January 24 at 15:30 MT time.
The European Central Bank will publish its monetary policy statement and announce the main refinancing rate on January 23 at 14:45 MT time.