Forex Marketz Daily Forex News – Fully Markets Update
The international benchmark, WTI Brent crude oil futures contract, at one point rose $1 per barrel. Traders looked at a bigger than expected decrease with stockpiles in the United States and looked to recoup losses seen yesterday. Those losses came from news that Libya would resume exports.
As of 1 am GMT, U.S. West Texas Intermediate (WTI) crude rose 21 cents to fetch $70.59 per barrel. This contract five percent yesterday.
The Brent crude contract also gained. At one point up one dollar per barrel, was last up 96 cents to trade at $74.36 per barrel. This contract was down almost seven percent yesterday. Its largest single day drop since February 9, 2016.
Brent Crude Oil Traders look at Libya and US Inventory Headlines
News from Libya’s National Oil Corp that four terminals were once again open to resume exports. This ended a standoff that closed most of Libya’s output.
The resumption of activity accounts for nearly 850,000 barrels per day of the black gold to return to the international markets, thus supporting the Brent contract.
Looking at news out of the United States, inventory fell as refiners used more product out of inventory to make more gasoline during the very height of the nation’s summer season.
According to the Energy Information Administration, U.S. inventory fell almost 13 million barrels last week. This is the largest contraction in almost two years. U.S. inventory is at their lowest level since February 2015.
