Oil futures tilted higher in American trade moving farther
away from ten-month lows as the dollar gave up ground following earlier data
from the US the world's largest energy consumer. Oil futures are recovering on
profit-taking while still heading for the fifth weekly loss in a row the
longest such streak since 2015, as markets price in above five-year averages
global oil inventories at 292 million barrels and after US Libyan and OPEC
production increased in May. Otherwise
the Energy Information Administration released its report on US crude stocks
showing a drawdown of 2.5 million barrels in the week ending June 16, adding to
the 1.7M drop in the previous reading while analysts expected a 1.2% fall with
total stocks now reaching 509.1 million barrels remaining within the upper
range in average for this time of year. Gasoline stocks fell 0.6 million
barrels while distillate stocks rose 1.1 million barrels both remaining within
the upper range in average for this time of year.
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