Oil goes down as investors lock in revenues
On Wednesday, crude oil futures sagged because market participants simply locked in their revenues after crude prices soared almost 5% last session, partially on forecasts that the American government along with OPEC would increase demand next year.
Crude prices stood under pressure from industry data, showing a surprise build in American oil stocks, price revenues in other commodities, such as gold as well as a strengthening greenback, which managed to gain against six key currencies.
Market participants are currently on the cusp of American weekly output statistics and the market is keeping an eye open on it. Perhaps, there might be a little bit of revenue taking ahead of the statistics.
Brent futures edged down 37 cents, hitting $48.10 per barrel, having settled +4.8 last session.
US crude futures sagged 28 cents, trading at $46.52 per barrel, having closed the previous session up 4.6%. Those appeared to be the greatest daily revenues since April 8.