Crude soars in Asia as experts see revival by refiners in sight

Crude soars in Asia as experts see revival by refiners in sight

On Tuesday, crude prices soared in Asia because the market works via the impact on the American Gulf Coast refining as well as crude output sectors.

In New York, October delivery crude futures grew 0.58% being worth $46.84 a barrel. At the same time in London Brent futures rallied 0.47% trading at $51.66 a barrel.

Overnight, oil futures settled lower because Tropical Storm Harvey kept disrupting refinery activity along the American Gulf coast, contributing to fears of an uptick in oil supplies.

Crude demonstrated a dismal start to the week because flooding provoked by the storm made refiners in the Gulf of Mexico region shutdown, thus driving worries over an excess in oil supplies, which is the major input at refiners.

While the storm is also believed to affect crude output, experts are assured that the overall impact of lower crude demand at refineries would offset the sag in crude output.

Similar

Gold moves down

On Friday, gold declined, simultaneously trying to preserve its weekly profits because the USD index jumped, offsetting its abrupt weekly dive…

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

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

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

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