Crude surges in Asia

Crude surges in Asia

On Tuesday, crude posted further revenues in Asia, ahead of industry estimates of crude as well as refined product inventories in America expected to demonstrate declines.

In New York, June delivery crude futures added 0.49%, trading at $49.47 a barrel. In London, Brent crude futures ascended 0.48%, reaching $52.38 a barrel.

Overnight, crude settled lower because market participants questioned whether OPEC would consider extending the current deal to tame global supply amid soaring levels of American output.

Crude prices sank for a sixth day because focus shifted to the ramp-up of American drilling activity ahead of Wednesday’s report on inventories from the Energy Information Administration.

On Friday, oilfield services company Baker Hughes informed that its weekly American rig count added by 5 to 688, which powered concerns that soaring American shale output could weigh on efforts by OPEC as well as other key producers to tame the glut in supply.

Evidently, the surge in drilling activity did little to relieve concerns that shale output was set for its biggest monthly soar in more than two years.
 

 

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