Crude oil futures rebound
Early, during Friday’s Asia trade oil showed a rebound right after its overnight retreat. However, the crude market will most likely remain cautious ahead of the Doha gathering a bit later this month. Exactly at this meeting, the number one oil producers are expected to discuss a possible production freeze.
In New York, May delivery crude futures were worth $38.07 per barrel, a 2.2% surge. Additionally, in London June Brent crude futures surged 1.7% at $40.09.
Crude prices dripped overnight when market participants looked deeper into recent American energy department data, that demonstrated a 1.4 million-barrel growth in gasoline shares last week. The data proved that notwithstanding the draw-down on crude oil, crude shares as well as petroleum products surged again from their historic highs or to be exact from 1.1 million barrels to about 1.357 billion barrels.
The given rebound in Asia can be explained by short-covering, as many financial experts state. Prices will most likely keep waving until the long-awaited April 17 gathering.