NYMEX and Brent keep gaining in Asia
On Friday, oil kept surging in Asia following a rebound from overnight losses with American rig count data.
In New York, WTI June delivery crude futures surged 0.92%, trading at $49.22 a barrel. Meanwhile, Brent crude futures were worth $49.24, showing a 0.88%. Crude prices made use of the late rally to almost erase all of its earlier tumbles.
Both the international and American domestic benchmarks of crude oil have traded close to the year’s peaks for the last week, amid a series of output shutdowns as well as signs that the global supply-demand imbalance could tighten over the second half of 2016. American crude futures have surged by more than 60% since hitting 13-year minimums of $26.05 on February 11.
On Thursday, energy traders kept monitoring fluctuations in the greenback after it soared to its 7-week peaks early in the session. It became possible when the Federal Open Market Committee gave evident hints that it would increase its rate already next month in case of more improvements in American economy.