Oil holds profits in Asia

Oil holds profits in Asia

On Monday, oil held profits in Asia, following supporting comments by the Russian as well as Saudi energy ministers. Additionally, this week’s data might back views that the supply and demand are gradually stabilizing.

July delivery US West Texas Intermediate crude futures gained 0.55%, trading at $46.08 a barrel. In London, August delivery crude futures soared 0.56%, trading at $48.42 a barrel.

Meanwhile, market participants will keep an eye open on monthly reports from the Organization of Petroleum Exporting Counties as well as the International Energy Agency to evaluate global supply and demand levels.

The previous week on Friday, crude futures settled a bit higher, though prices still faced their third straight weekly loss as the market weighed ascending American drilling and swelling stockpiles versus efforts by key producers to reduce output to tame a global glut.

The US rig count tacked on by 8 to 741, thus extending a year-long drilling revival to the highest value since April 2015.

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