WTI oil: too much for bulls?
Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Oil tumbles, gasoline spikes because floods knock out one-fifth of American refineries
On Wednesday, crude prices went down, although gasoline jumped to their maximums since July 2015 because flooding as well as storm damage in the wake of Hurricane Harvey knocked out one-fifth of American refineries, confounding demand for oil, though driving fears of fuel shortages.
Hurricane Harvey that has been already downgraded to an ordinary storm, has generated huge floods across coastal Texas, and also in Houston. The disaster is currently heading for Louisiana, exactly where more floods are supposed to take place.
American West Texas Intermediate crude futures hit $46.31 a barrel, losing 13 cents from their previous close. As for Brent crude futures, they tumbled 21 cents being worth $51.79 a barrel.
American gasoline prices leapt over 3% hitting $1.8396 per gallon. Earlier prices demonstrated the most impressive reading since July 31, 2015, reaching $1.842.
Similar
Oil surged after OPEC meeting
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
Bitcoin crosses $50,000!
Another all-time high has juts been reached by the famous crypto asset. What next? $100,000?
Latest news
S&P ASX 200: one step from a breakthrough
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
Strong USD is back
Jump in to know the latest market news and trade ideas for today!
NZD will be driven by RBNZ
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.
Deposit with your local payment systems
