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Petrol Retained İts Pre-stock Gains

Category: Forex
523 Views
Add Date: 11.12.2017
Video Description: Petrol prices kept gains before stockpiles, which are expected to decline after a surprise rise in the US.

Petrol prices have kept their gains around $ 46 a barrel before resilient stockpiles, which are expected to decline after an unexpected rise in the US.

Futures petrol contracts climbed 0.4 percent in New York following a 1 percent increase in the previous two seanstans. US petrol stockpiles, which the Energy Information Administration (EIA) announced on Wednesday, are expected to drop 2.25 million barrels last week. Crude petrol inventories were for the week of June 2, and the first nine weeks were up. The EIA noted that the production of large US rock petrol fields will hit record levels in July.

Petrol is running below $ 50 a barrel in the US, with concerns that the growing supply will offset production constraints of the Organization of Petroleum Exporting Countries (OPEC) and some other producers, including Russia. According to Baker Hughes Inc.'s statement on Friday, the number of active petrol drilling wells in the US has increased by 21 weeks over the past 30 years.

"Petrol appears to have gained ground after a surprise rise in US inventories and shows signs of forming a solid base," said Ric Spooner, an analyst with CMC Markets in Sydney. "The market is expecting short-term news and the most likely stocks on the horizon.".

July-term West Texas petrol (WTI) rose 18 cents on the Nymex market to 46.26 dollars per barrel at 12:09 GMT. Total transaction volume was 33 percent below the 100-day average. Prices rose by 25 cents on Monday to $ 46.08.

August futures Brent petrol climbed 20 cents, or 0.4 percent, in London-based ICE Futures Europe to 48.49 dollars per barrel. Global benchmark Brent petrol was trading at a premium of $ 2.01 compared to August-term WTI.


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