NYMEX crude rises in Asia, Brent drops
On Tuesday, NYMEX crude oil futures soared in Asia, while Brent crude futures edged down right after thin overnight deals as market participants considered the impact of crude supply disruptions against the outcome of a long-awaited OPEC gathering a bit later this week. The meeting is supposed to do little to alter global oversupply.
In New York, July delivery crude futures soared 0.39%, trading at $49.51 per barrel. At the same time, Brent oil futures sagged 0.34%, being worth $50.19 a barrel.
On Monday overnight, crude prices appeared to be somewhat lower in North American trade because traders paid attention to improving global supply outlook.
Hopes for a surge in Canadian oil sands output this week mounted as crude producer Suncor Energy unveiled its ambitious plans to increase production at its fields in Alberta right after it had to shut them down a bit earlier in May because of huge wildfires.
Supply outages due to Canadian wildfires as well as unrest in Nigeria have pushed crude prices above the $50-level last week. Nevertheless, as some of the supply disruptions have faded away, traders are currently putting their focus back on the growth of global crude supply.