Oil Futures Trade Lower Than Expected

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Oil Futures Trade Lower Than Expected
Oil Futures Trade Lower Than Expected

In spite of some growth on Wednesday, oil futures traded slightly lower, earlier in the Asian session. Crude oil on the New York Mercantile Exchange fell 0.03% to USD96.59/barrel in Thursday’s trading session, after trading for +0.74% at USD96.33 per barrel, yesterday.

The industrial output in Germany, which encompasses mining, manufacturing, gas concerns and electricity, rose by 1.2% in March, which is largest in one year.

For gold, the Thursday session in Asia began with a low, much against the solid performance seen by this yellow metal in Wednesday’s U.S. session.
For the Comex division on the New York Mercantile Exchange, gold futures delivery for June slipped by 0.27% to USD1,469.65 for a troy ounce, in Thursday’s Asian trading session. While on Wednesday in the U.S., the same traded at USD1,474.25 a troy ounce.

Crude oil traded at its highest level in a month. This came after the stockpiles fell at Cushing for the second week. A bombing led to the halting of the delivery point for Iraqi and New York futures exported through turkey.
After rising by 1.1% yesterday, the WTI fluctuated. Inventories at Cushing, the largest oil-storage hub in the nation, slipped 652,000 barrels to 49.1 million last week.

Coming to economic news in the U.S., the Mortgage Bankers association conformed that the number of mortgage applications filed last week went up by 7%, the refinancing index on the other hand rose by 8%.

For Canada, the Alberta’s Energy Resources Conservation Board cleared that the output for the western region of Canada will double to 3.8 million barrels every day, by the year 2022. The oil reserves are believed to be the third largest in the world, ranked just after Saudi Arabia and Venezuela.

In the meantime, Brent crude futures on the ICE Futures Exchange for June delivery went up by 0.31% to USD104.53, for a barrel.

Comex Silver for July delivery slid by 0.31% to USD23.853 per ounce and for copper this went up by 0.32% to USD3.371 per ounce.