Crude takes a breather after soaring to 6-week peaks

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.

Similar

Popular

Crude edges down in Asia on Caixin PMI

On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…

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