On Tuesday, crude oil prices successfully held gains during Asia trade, with industry data on American stockpiles due later this day as well as financial markets monitoring the intriguing political process in Great Britain before any Brexit timetable gets clear.
In New York, August delivery WTI crude futures surged 1.34%, trading at $46.95 per barrel. At the same time, Brent crude managed to gain up to 1.12%, hitting $48.35 per barrel.
Overnight, American crude futures slumped to almost six week minimums, because a broadly stronger greenback weighed on global crude prices, while the shockwaves of the previous week’s historic Brexit vote kept being felt around the globe.
Notwithstanding the considerable two-day sell-off, American crude futures are still up by approximately 65% from their level in mid-February when they fell to a 13-year minimum of $26.05 per barrel.
During Monday’s trading session, market participants kept piling into so-called safe-haven assets, including gold, government bonds as well as the US dollar. It’s because the sterling dipped extra 3%, hitting a new 31-year minimum against the evergreen buck.
Origin: FX BAZOOKA
