Crude prices soar on tighter American fuel market
On Friday, crude prices soared, pushed by a tighter American fuel market as well as technical indicators attracted buying from traders.
Following a tumble in early trading, international Brent crude futures were worth $52.08 a barrel, rising 5 cents from their previous close.
Having fallen below $50 per barrel on Thursday, American West Texas Intermediate crude futures traded at $50.63, ascending 19 cents from the last close.
Traders pointed out that the American price surge can be explained by a tightening fuel market.
Crude prices edged up overnight notwithstanding surging stockpiles in America, because fuel supplies in this country fell to the lowest value this year.
The US Energy Information Administration posted a dip of 3.7 million barrels for distillates late on Thursday, including heating oil and diesel, and a 1.9-million barrel descend for gasoline.
However, American crude stocks edged up for the first time for six weeks , swelling by approximately 4.9 million barrels by October 7 to 474 million barrels.