In Asia crude shows further revenues on Trump’s Korea comments

In Asia crude shows further revenues on Trump’s Korea comments

On Friday, in Asia, crude extended revenues, following Donald Trump’s comments on North Korea, setting the stage to risk-on for many financial assets. Meanwhile, traders shifted their attention to next month’s supply figures from OPEC as well as the Paris-based International Energy Agency.

In New York, June delivery rude futures leapt 0.90%, being worth $49.41 a barrel. Simultaneously, in London Brent futures showed $52.03 a barrel.

Overnight, crude futures headed south, suppressed by a soar in global output after two of Libya’s major oilfields resumed output.

Libya’s Sharara as well as El Feel oilfields, generating 390,000 barrels per day, have restarted as protests blocking pipelines stopped.

The restart of major Libyan crude fields came just a day after the Energy Information Administration published a report, unveiling a greater than expected drawdown in American crude inventories.

 

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