Crude prices keep routing as supply fears weigh
During Thursday’s trading session, crude futures moved down, following quite disappointing supply data.
In New York crude futures for May delivery tumbled 1.3%, trading at $39.25 per barrel. May Brent crude futures in London grew 0.7% at $40.17.
The losses followed rather a sharp descend during the previous trading session. On Wednesday, Nymex crude dipped 4%, while Brent oil tumbled 3.2%
Crude prices fell knocked out by a report from American Department of Energy, according to which domestic oil stockpiles gained up to 9.4 million barrels for the last week. The given surge left experts’ expectations behind and indicated global supply continuing to swamp demand in America, the world’s number one oil consumer. Financial experts considered only a 2.9 million-barrel surge in oil inventories. So, there’s nothing surprising in the fact that the report made crude prices tumble during US trading hours.
On Thursday, a firmer greenback also kept keeping a lid on crude prices. Obviously, a stronger evergreen buck traditionally weighs on oil prices by simply making the greenback-denominated commodity less affordable in other currencies.