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Oil jumps more than 7% after the decline in US inventories
Thursday, 27 August, 2015
Follow-up – and babysit – Oil prices jumped more than seven percent on Thursday after a surprise drop in US crude stocks and a rally in global stock markets, but the outlook is still unclear because of concerns about the Chinese economy and the global supply glut.
And stepped up global equities with Chinese shares rebound supported hopes that the actions taken by the government to stimulate the economy to bear fruit, while the dollar also rose in light of the decline of risk aversion.
Oil markets rose from its lowest level in six and a half years, which reached earlier this week, but investors are still worried about the big glut in supply and fuel, which is pressing on the instant oil prices and promote global stocks.
By 1600 GMT, the price jumped contract closest to maturity of Brent crude to $ 3.24 or 7.56 percent to $ 46.37 a barrel. And US crude futures rose 3.15 dollars or 8.16 percent to 41.74 dollars a barrel.
Oil prices found support in data released on Wednesday showing US crude inventories falling 5.5 million barrels in the week ending August 21, it registered the largest decline in one week since early June. Analysts had expected a rise of stocks by one million barrels.
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Thursday, 27 August, 2015
Follow-up – and babysit – Oil prices jumped more than seven percent on Thursday after a surprise drop in US crude stocks and a rally in global stock markets, but the outlook is still unclear because of concerns about the Chinese economy and the global supply glut.
And stepped up global equities with Chinese shares rebound supported hopes that the actions taken by the government to stimulate the economy to bear fruit, while the dollar also rose in light of the decline of risk aversion.
Oil markets rose from its lowest level in six and a half years, which reached earlier this week, but investors are still worried about the big glut in supply and fuel, which is pressing on the instant oil prices and promote global stocks.
By 1600 GMT, the price jumped contract closest to maturity of Brent crude to $ 3.24 or 7.56 percent to $ 46.37 a barrel. And US crude futures rose 3.15 dollars or 8.16 percent to 41.74 dollars a barrel.
Oil prices found support in data released on Wednesday showing US crude inventories falling 5.5 million barrels in the week ending August 21, it registered the largest decline in one week since early June. Analysts had expected a rise of stocks by one million barrels.
[You must be registered and logged in to see this link.]
