Crude soars on tighter American market and firm China imports

Crude soars on tighter American market and firm China imports

On Friday, crude prices ascended because both American crude output and inventories sagged, pointing to a tightening market.

Firm Chinese crude import data also underpinned oil, as market experts state.  

With OPEC leading an output cut, market experts told that global crude markets were currently broadly balanced following years of oversupply.

American West Texas Intermediate crude futures hit $50.88 a barrel, rising 0.6% from their previous settlement.

American crude inventories went down 2.7 million barrels by October 6, hitting 462.22 million barrels, as the Energy Information Administration informed on Thursday.

Crude output slid 81,000 barrels a day reaching 9.48 million bpd.

Brent oil futures hit $56.51, soaring 0.5%.

Firm Chinese crude imports that averaged up to 8.5 million bpd between January and September, also underpinned oil prices, as financial experts stressed.

Similar

Popular

Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

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