Oil Futures End Notably Higher Ahead Of Inventory Data

Trading 16 avr 2019 Donner votre avis

Crude oil prices moved higher on Tuesday amid prospects of tight supply conditions in the market due to the ongoing tensions in Libya and declining exports from Iran and Venezuela.

Easing worries about growth and energy demand after China reported a faster pace of increase in Chinese home prices supported crude oil.

Traders were also looking ahead to the inventory reports from the American Petroleum Institute, due later in the day, and the Energy Information Administration, due tomorrow morning.

Russia's reported plan to increase crude output put a cap on crude's rise.

West Texas Intermediate Crude oil futures for May ended up $0.65, or about 1%, at $64.05 a barrel.

On Monday, crude oil futures for May ended down $0.49, or 0.8%, at $63.40 a barrel.

The ongoing unrest in Libya, where Khalifa Haftar's Libyan National Army and the government are engaged in fighting, is likely to significantly affect crude supplies from the country.

Already, the U.S. sanctions on Iran and Venezuela resulted in a notable drop in oil shipments from the two countries. According to data, crude exports from Iran have dropped in April to their lowest daily levels so far this year.

The material has been provided by InstaForex Company - www.instaforex.com

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