NYMEX and Brent dip in Asia ahead of American rig count data
On Friday, crude oil traded weaker in Asia as market participants looked ahead to American rig count data.
In New York WTI June deliver crude futures dipped 0.99%, trading at $46.24 per barrel. As for Brent oil futures, they dived 0.71%, right to $44.74 a barrel. Later in the day, data on the oil rig count in America is supposed to set the overall tone.
Overnight, American oil futures waved greatly, dropping off newly achieved six-month peaks, as traders digested news of a sizable build at the Cushing Oil Hub along with quite persuasive indications of a tightening in the global oversupply.
On the Intercontinental Exchange, Brent June delivery crude futures fluctuated between $46.80 and $48.18, before ending up at $47.95, a 0.74% surge.
The front month contract for WTI crude oil managed to go up to fresh year’s peaks on Thursday, thus following a bullish report from the reputable and influential organization, known as International Energy Agency.