Crude holds gains on drop in US fuel reserves

Markets 9/13/2017, 5:10 PM
Crude holds gains on drop in US fuel reserves

The Energy Information Administration's weekly petroleum report sent benchmark oil contracts at ICE Futures Europe zigzagging in the initial reaction on Wednesday. However, prices stayed in the green as bullish sentiment prevailed, due to a more intensive fall in volumes and gasoline in the United States than what was measured in a private report one day before. The stockpiles of crude also increased less than anticipated, according to data compiled by the Department of Energy.

West Texas Intermediate for delivery next month rose 0.97% to $48.7 per barrel at 5:05 pm CET, while Brent for settlement in November added 0.57% to trade at $54.58 for one barrel. The dollar's surge across the board capped gains, as its appreciation normally makes the commodity more expensive to holders of other currencies. The euro lost 0.45% at 5:08 pm CET, buying $1.19122. The pound was down 0.37% at $1.3234 and the greenback strengthened 0.39% to ¥110.589.

TeleTrader Newsroom / IT

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