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Crude takes a breather after soaring to 6-week peaks
On Thursday, crude prices turned to be bit lower in European trade, pausing for breath having rallied to the highest value in six weeks in the previous session.
In New York, September delivery US West Texas Intermediate crude contract hit $47.26 a barrel, sliding 0.2%. In the previous session the benchmark hit $47.46 - its highest value since June 7.
Besides this, in London, September delivery Brent futures lost 4 cents trading at $49.66 a barrel, having hit a high of $49.81 yesterday.
On Wednesday, crude prices concluded higher, following data from the Energy Information Administration, which revealed a large sag in domestic crude as well as gasoline supplies.
American crude inventories edged down by 4.7 million barrels at the end of the previous week to 490.6 million barrels. It surpassed the expected sag of 3.2 million barrels.
Meanwhile, gasoline inventories slumped by 4.4 million barrels, contradicting hopes for a much more moderate tumble of 0.7 million barrels.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.