NYMEX and Brent dip in Asia
On Friday, oil traded lower in Asia, though output disruptions in Nigeria provided some support.
In New York, July delivery crude futures sagged 0.3%, trading at$50.41 per barrel, while Brent futures lost 0.25%, being worth $51.82.
On Thursday, overnight, crude futures rebounded from 11-month peaks highs, taking a pause from the massive surge over the last several months, amid great revenues from traders throughout global energy markets.
Both international and American benchmarks of oil have grown almost 90% from February minimums when they dipped to their lowest values for a dozen years.
Market participants kept digesting a bullish stockpile post from the previous session when the US Energy Information Administration informed that American commercial crude inventories sank by 3.2 million barrels for the week by June 3.
At 532.5 million barrels, American crude inventories are still at their historical peaks for this time of year. Moreover, last week, oil output nationwide grew by 10,000 barrels a day to 8.745 million.