The first glimmer of hope in oil industry
Observing news today one can easily get disappointed. However, things are getting better.
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
Gold price has dropped
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Analysts: how about $20 for Brent oil?
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
Latest news
US FED: coming to rescue
US Fed comes right on time with the crisis support program announcement. How does the stock market react?
Time to buy the world’s worst currencies
We could gain from buying emerging-market currencies such as South African rand, Mexican peso and Brazilian real.
What moves the market on April 9?
Here are the most important topics that will determine the dynamics of currencies, commodities and stocks on Thursday, April 9. N
Deposit with your local payment systems
