Oil holds weaker in Asia

Oil holds weaker in Asia

On Thursday, oil held moderately weaker in Asia because market participants became cautious on political risk right after US Justice Department Deputy Attorney General Rod Rosenstein unexpectedly appointed ex-FBI director Robert Mueller as special counsel for taking over the investigation of Russia's believable interference in the US election. Moreover, traders also paid attention to next week's crucial gathering on extending a crude output cut plan.

In New York, June delivery crude futures dipped 0.20%, trading at $48.97 a barrel. At the same time, in London, Brent crude futures slumped 0.21%, being worth $52.10 a barrel.

Overnight, oil grew because market participants appreciated the publication of a bullish report from the Energy Information Administration that shows American crude inventories sank for a sixth-straight week.

Gasoline inventories edged down by only 0.413 million versus expectations for a draw of 0.731 million barrels, while distillate stockpiles declined by 1.94 million barrels, unlike an expected a 1 million dip.


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…


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…

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