Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Crude stands still to down in Asia as market awaits fresh supply/demand cues
On Thursday, oil stood still in Asia, with minor fresh direction on supply or demand supposed to bump crude prices either way ahead of American rig count data at the end of the trading week.
In New York, October delivery crude futures went down 0.08% being worth $48.37 a barrel. At the same time in London Brent futures didn’t change sticking to $52.53.
Overnight, oil settled higher because data disclosed that American supplies of crude went down for a eighth-straight week. At the same time worries of dipping demand for gasoline relieved, following a bigger-than-expected sag in gasoline inventories.
Crude went up for a second-straight day because a report from the Energy Information Administration disclosed that crude as well as gasoline stockpiles inched down the previous week, although revenues were capped because American output was still at a two-year maximum of 9.528m barrels, adding up to 26,000 bpd from the previous week.
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
Jump in to know the latest market news and trade ideas for today!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.