Published By : 30 Oct 2015 | Published By : QYRESEARCH
There was a slightly higher closing for oil futures amid volatile trading on Thursday. Oil traders attempted to ignore market direction after only one day since the largest rally recorded in two months. Crude oil supplies, meanwhile, continue rising.
A collection of U.S. economic information was deemed disappointing as crude markets pared previous earnings in the same session. This prevented investor enthusiasm from being positive despite a 6% price hike on Wednesday.
The slipping dollar did curtail the downside, while multiple commodities along with oil, were slotted in the greenback. This made the oil more affordable to euro holders, along with a few other currencies.
Brent crude slipped 27 cents to reach US$48.78 per barrel, after trading between US$49.38 and US$48.17.
The economic growth of the U.S. halted in the thirds quarter, while cut backs were made in businesses regarding the restocking of warehouses in order to manage an inventory glut, according to the data that was made public.
Along with this, other macroeconomic data also revealed a slow gains in the early oil phases. This addressed the bullish sentiments that arose from Wednesday’s jump that was created by the U.S. inventory of crude rising slower than most feared.
The U.S. government had reported a crude oil stockpile of 3.4 million barrels. It was in line with a the expectations of a few traders, but fell short of the 4.1 million barrels target that was speculated by the American Petroleum Institute.
Gas and distillate stockpiles also slipped lower than expected, along with diesel