On Wednesday, crude futures ascended during Asia trade, though revenues were quite limited and US crude was trading sideways ahead of the release of official weekly inventory data later this day.
Brent crude oil soared 18 cents, trading at $46.84 per barrel. By the way, the contract settled down 30 cents on Tuesday, or 0.6%, hitting $46.66 per barrel.
US West Texas Intermediate crude futures gained 4 cents at $44.69 per barrel, after initially trading higher then dropping. The given benchmark sagged 59 cents, or 1.3%, settling at $44.65 in the previous trading session. The front-month August contract is expected to expire at the end of Wednesday’s trading session.
Oil is currently looking quite trepidative ahead of another weekly inventory data, while the evergreen buck’s strength is also helping to put the kibosh on a surge.
The greenback strengthened during Asia trade on Wednesday. In fact, strong American data along with surging expectations that the BOJ will muster extra easing steps sent the greenback index to four-month peaks.
