Oil ends higher for second day in wake of supply data Natural gas storage sees first summer decline since 2006
Oil futures regained positive momentum after a morning of up-and-down trading Thursday, building on strong gains scored after an unexpectedly large drop in gasoline supplies on Wednesday.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in September rose $1.10 a barrel, or 2.7%, to settle at $41.93 a barrel. Oil pushed solidly higher after flipping between gains and losses in early action, marking its biggest two-day percentage gain since June 29.
Oil has been under pressure as traders wrestle with a global glut of crude and worries about the outlook for global economic growth. Futures fell below $40 a barrel earlier this week on worries about a global glut.
The rebound back above $40 came as “traders attempt to balance declining North American production levels and expectations of increasing global fuel demands (the EIA forecasts global oil demand to increase by 1.3M barrels a day in 2017) in the coming year against the near glut levels of global petroleum inventories that overhang the market,” wrote analysts at TFS Energy, in a note.
October Brent crude on London’s ICE Futures exchange rose $1.19, or 2.8%, to $44.29 barrel, after rallying $1.30, or 3.1% to $43.10 a barrel Wednesday.
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