NYMEX, Brent goes up in Asia ahead of American rig count data
On Friday, in Asia oil prices gained slightly after an early sag as traders looked ahead to rig count data from Baker Hughes, industry group.
June delivery WTI crude futures soared 0.04% at $46.05. Brent crude oil acquired 0.02%, trading at $47.78 per barrel.
Overnight, oil futures achieved 2016 yearly-highs for the second trading session on Thursday, following a weaker greenback, because market participants kept digesting signs of massive reduction in American crude production. To some degree that eased concerns regarding the current global oversupply.
Energy traders kept reacting to reports of a moderate build in American inventories from last week. Then, on Wednesday, the US Energy Information Administration informed that its Weekly Petroleum Status Report states that domestic crude inventories surged by approximately 2 million barrels by April 22.
With their 540.6 million barrels, American crude oil inventories have found themselves at historical highs for this time of 2016. Meanwhile, according to the Energy Department last week stockpiles at the Cushing Oil Hub in Oklahoma edged up by 1.75 million barrels.