Oil extends five-day winning streak in Asia
|Oil prices are on the rise for the sixth straight day as the drop in the US output provided much needed momentum for the technical correction set in motion by the oversold technical conditions.
At the time of writing, Brent front month contract was up 25 cents or 0.53% at $47.80/barrel. WTI was up 21 cents or 0.47% at $44.95/barrel.
The technical correction gathered pace on Wednesday after the US Energy Information Administration (EIA) data showed the gasoline inventories fell 894K last week. The US oil production fell 100K barrels to 9.3 million barrels per day. This was the biggest decline since July 2016.
The drop in the US gasoline inventories and weekly oil production overshadowed the inventory data which showed a buildup of 2.6 million barrels.
The three-day decline in the USD index from 97.16 to 95.51 is also keeping the oil benchmarks well bid this Thursday morning in Asia.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.