NYMEX crude rises in Asia amid supply concerns in Venezuela and Nigeria
On Monday, crude oil surged in Asia as traders paid attention to disruptions Nigeria as well as broader worries over Venezuela’s crude production.
In New York, June delivery crude futures ascended 1.32%, trading at $46.82 per barrel. As for Brent crude futures, they managed to gain 1.3%, being worth $48.45.
In the week ahead, crude traders will pay more attention to American stockpile data on Tuesday and Wednesday for new supply-and-demand indications.
On Friday, Baker Hughes, oilfield services provider told that last week the overall number of rigs drilling for crude in America dipped by ten to 308, thus marking the eighth straight week of sags. By the way, last year, at this time, drillers were operating up to 660 crude rigs.
Apart from that, last week, crude futures dived for the first time in three trading sessions on Friday, rebounding from six-month peaks, as renewed worries as for global oversupply helped traders to book recent revenues.