Home / TIPS / MTECHTIPS:-Crude approaches $50 level ahead of storage data

MTECHTIPS:-Crude approaches $50 level ahead of storage data

MTECHTIPS:-Crude approaches $50 level ahead of storage data

Crude oil prices were higher for a second day on Wednesday, boosted by data on Tuesday indicating that supplies are falling while the demand outlook is improving. On the New York Mercantile Exchange, crude oil for delivery in November was up 1.36% to $49.19. Oil prices ended Tuesday’s session up 4.91% after a report from the American Petroleum Institute showing a 1.2M barrel decrease in crude stocks last week. Crude got an additional boost after the Energy Information Administration said in its monthly short-term energy outlook on Tuesday that global oil demand is expected to average 93.79 million barrels a day this year up from 93.62 million in September. The EIA also cut its projections for world crude production this year and in 2016. The U.S. Department of Energy was to publish official figures on oil storage levels later Wednesday. OPEC was to release its monthly report on Monday, and on Tuesday the International Energy Agency was also to publish its monthly report. Meanwhile, on the ICE Futures Exchange in London, the November Brent contract rose 1.45% to $52.69 a barrel, the highest level in over a month.

About mtechtips

Leave a Reply

x

Check Also

CRUDEOILKING.COM LIVE SELL CRUDE @3470-75 SL 3505 TGT 3420-3380.YESTERDAY ALL TGT HITS JOIN WEEKLY PAID TRAIL 3500/-9998456735

CRUDEOILKING.COM WE PROVIDE 99% ONLY SURE HIGHLY ACCURATE ...