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.


Crude is still backed

On Friday, oil was still underpinned amid everlasting optimism as for the rebalancing of the crude market, while the partial closure of the major North-American pipeline generated supply disruption worries…

Gold is nearly intact

On Friday, gold was nearly intact because the US currency started mildly recovering from steep losses demonstrated in the previous trading session…


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