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.


Gold fell below $1,700

Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.

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ECB report is in focus
ECB report is in focus

The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time. 

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