Forex Marketz Daily Forex News – Fully Markets Update
Crude oil futures rose again overnight, in the North American trade session, into this morning’s Asian trade session. The U.S. WTI contract rose 1.5 percent to trade firmly above the technically significant $50 a barrel.
Traders are digesting the headlines that the de-facto leader of OPEC, Saudi Arabia, said that they would cut crude exports even further on top of their already pledged cut. However, ever rising production an inventories in the U.S. led capped gains and also led to some losses from session highs.
U.S. West Texas Intermediate (WTI) crude oil futures closed Wednesday’s American trade session higher. This contract gained eighty cents to settle at $53.90 a barrel. That was a gain of 1.5 percent.
The international benchmark, Brent crude also gained. This futures contract was up 1.9 percent to trade at $63.61. The global benchmark has hit an intraday day high at $63.98. It then gave up some gains after a key data release.
Crude Oil Traders React to U.S. Inventory Data
Overnight, closely watched U.S. oil inventory data was released. The data showed that the country’s inventory gained, last week, to the highest level since November 2017. However, U.S. producers cut runs. This came in at its lowest level since October 2017. This is according to data released by the Energy Information Administration.
Imports into the United States are also down. They are at a record low as the U.S. is still pumping at record setting levels.
U.S. Energy Information Administration data showed that inventory was up 3.6 million barrels last week. Analysts had expected an increase of 2.7 million barrels.
