Crude soars on dipping American crude stocks

Crude soars on dipping American crude stocks

On Wednesday, crude prices ascended on a dip in American crude inventories. However, financial markets were still being suppressed by general oversupply.

Brent crude futures hit $51.02 a barrel, soaring 0.4% from their previous close.

West Texas Intermediate crude futures CLc1 reached $47.70 a barrel, adding 0.3%.

In the USA, oil inventories went down by 9.2 million barrels by August 11 to 469.2 million, as industry group the American Petroleum Institute informed on Tuesday.

Meanwhile, gasoline stocks headed north by 301,000 barrels, versus analyst expectations for a 1.1 million barrel sag.

On Wednesday, official Energy Information Administration data will be released.

OPEC along with Russia still face a fierce battle in cutting the global supply surplus in the face of surge in output in other parts of the world, including Nigeria, Libya and American crude, as French bank BNP Paribas revealed in its note.



Latest news

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

Deposit with your local payment systems


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