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

WTI oil: too much for bulls?
WTI oil: too much for bulls?

Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!

Bitcoin crosses $50,000!
Bitcoin crosses $50,000!

Another all-time high has juts been reached by the famous crypto asset. What next? $100,000?

Latest news

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

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