NYMEX crude dips further in Asia

On Friday, crude oil edged down in Asia, ahead of the long Memorial Day weekend in America as market participants are cautious ahead of next week’s OPEC gathering in Vienna as well as American rig count data to be issued by Baker Hughes a bit later this day.    

In New York, June delivery WTI crude futures sagged 0.67%, being worth $49.15 per barrel. In America, markets are going to shut on Monday specially for the Memorial Day holiday, traditionally kicking off the summer driving season, which drives gasoline demand.   

Brent crude oil went down 0.75%, trading at $49.22 per barrel.

Overnight, oil futures managed to hit the $50 level for the first time since October, before rebounding to close somewhat lower for the trading session, as market participants responded to posts of further supply disruptions in Nigeria as well as surging Asian demand for Saudi Arabian crude oil.    

Both the international as well as American benchmarks of crude oil are up abruptly since talks at a highly-anticipated summit between OPEC and non-OPEC oil producers failed last month.

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