Crude oil futures rebounded in Asia Thursday, dismissing a sudden increase in US inventories, as China resumes trading following week-long holidays.
Crude oil futures escalated by 3.1 million barrels to 461 million last week as refineries cut production and idled capacity.
Although there was a minimal trading, both major oil benchmarks gained more than 1%. US crude added 30 cents at $48.11 a barrel. Brent crude gained 43 cents at $51.76 a barrel.
Further support for prices may emerge as more traders go back to work in China. We see them “take positions on the rally from the past few days,” Phillip Futures said.
Meanwhile, the Energy Information Administration projected global oil demand for 2016 would climb by the fastest pace in six years, implying crude surplus, which has pulled prices down around 50% since June 2014, is easing faster than anticipated.
The material has been provided by InstaForex Company – www.instaforex.com
Crude oil futures rebounded in Asia Thursday, dismissing a sudden increase in US inventories, as China resumes trading following week-long holidays.
Crude oil futures escalated by 3.1 million barrels to 461 million last week as refineries cut production and idled capacity.
Although there was a minimal trading, both major oil benchmarks gained more than 1%. US crude added 30 cents at $48.11 a barrel. Brent crude gained 43 cents at $51.76 a barrel.
Further support for prices may emerge as more traders go back to work in China. We see them “take positions on the rally from the past few days,” Phillip Futures said.
Meanwhile, the Energy Information Administration projected global oil demand for 2016 would climb by the fastest pace in six years, implying crude surplus, which has pulled prices down around 50% since June 2014, is easing faster than anticipated.
The material has been provided by InstaForex Company – www.instaforex.com
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