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!
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.
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