NYMEX and Brent slump sharply in Asia
On Thursday, oil tumbled in Asia following the minutes of the Fed’s April policy meeting. It dropped a hint at a probable rate hike already in June to boost the evergreen buck further.
In New York, WTI June delivery crude futures went down 1.43%, trading at $47.50 per barrel. Simultaneously, Brent crude futures dipped 1.68%, being worth $48.11 a barrel.
Crude futures turned negative overnight right before Wednesday’s close of energy markets afternoon after the Fed disclosed in its April minutes that it could get down to another rate hike in June, thus giving a powerful support to a weakening greenback.
July delivery Brent crude futures fluctuated $48.76-$49.84 on the Intercontinental Exchange before ending up at $48.86 with a 0.87% sag. On Wednesday, North Sea Brent oil futures dared to get closer to $50 for the second trading session. By the way, on November 4, a key technical level was last reached.
On Wednesday afternoon, both Brent and WTI crude futures erased previous revenues, after the Fed unveiled its intention to raise interest rates in June if the second quarter American economic data improves.