Crude prices are steady as markets ignore American supply data
On Thursday, during early Asia trade crude prices moved higher, though traded in a narrow band, as the market looked past the shocking drop in American inventories and honed in on a lack of clear progress in the proposed output cut deal.
In New York, December delivery light, sweet crude futures gained 0.28%, reaching $49.29 a barrel, while December delivery Brent crude futures ascended $0.09, hitting $50.07 a barrel.
Overnight, crude prices initially surged after the American Energy Information Administration data disclosed crude inventories dropped up to 553,000 barrels by October 21. The given news upended the market’s hopes for a surge.
However, the revenues were erased as more investors bet that members of the Organization of the Petroleum Exporting Countries would fail to reach a substantive agreement next month to diminish the group’s output. Indeed, a great number of traders in the market really laugh at the thought that OPEC would ever be able to reach this deal.