Free Trial

Crude has managed to edge higher overnight,.....>

OIL
OIL: Crude has managed to edge higher overnight, with WTI & Brent adding $0.70 &
$0.90 respectively at writing
 - This comes after reports pointed to a surprise headline crude inventory draw
in the latest round of API inventory data. The same reports also highlighted a
lower than expected drawdown in distillates, while gasoline & Cushing stocks
provided surprise, albeit modest, builds.
- Oil tumbled on Tuesday as U.S. President Trump stood by Saudi Arabia, and he
also stated that he would like to see lower oil prices. Elsewhere global growth
concerns, bumper Libyan output and potential drilling in Alaska conspired
against energy markets.
- Focus now moves to today's DoE oil inventory data.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.