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NYMEX and Brent go up as API reports 3.9 mln barrels

On Wednesday, crude oil prices kept soaring further after industry estimates demonstrated a dip in American crude stockpiles.  

The American Petroleum Institute announced that American crude supplies edged down by 3.9 million barrels by June 24. Later on Wednesday, more closely watched data on oil as well as refined products is going to be published by the U.S. Department of Energy.

In New York, August delivery crude futures went up 0.88%, trading at $48.27 per barrel. At the same time, Brent futures acquired up to 0.63%, hitting $49.57 per barrel.

Overnight, American crude halted a three-day losing marathon on Tuesday, amid a weakening greenback, as threats of an approaching worker strike in Norway compensates ongoing  concerns over a probable recession throughout the euro area in the wake of the recent shocking Brexit referendum.

By the way, American crude futures are still higher more than 60% from 13-year minimums in mid-February at $26.05 per barrel.


 

 

 

 

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