Oil edges up on signs of tighter market

Oil edges up on signs of tighter market

On Wednesday, crude prices rallied, soaring for a third day, following signs that markets are actually tightening after years of oversupply. However, the outlook for 2018 was still unclear.

American West Texas Intermediate crude futures gained 0.3% from their previous settlement. Brent crude futures hit $56.69, soaring 0.1% from their previous close.

Traders told that on Wednesday they would consider US fuel inventory data, while on Thursday they will closely watch indicators on price direction.

The American Petroleum Institute is expected to publish its data for the previous week on Wednesday at 2030 GMT, while the US Department of Energy's report will be unveiled on Thursday.

As financial experts stressed, short-term conditions seemed tightening.

Price support is also ensured by economic surge, which the International Monetary Fund forecast late on Tuesday would account for 3.6% worldwide in 2017 and 3.7% next year.

Similar

Gold declines on Fed remarks

On Wednesday, gold headed south and kept to a one-year minimum due to the fact the evergreen buck managed to strengthen on Fed Chair’s remarks, which backed views that the US major financial institution considers lifting its interest rates this year…

Popular

Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

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