Oil “jumps” 5% after a surprise decline in US stocks


 

06/04/2016 19:14
Number of Views: 142

Oil prices surged five percent during trading on Wednesday after the US government announced a surprise decline in domestic crude stocks last week, while the market was expecting a new record high.

The US Energy Information Administration, said that “crude stocks fell unexpectedly 4.9 million barrels last week, with the continuation of the refineries increase production and imports fell.”

Analysts polled by Reuters had expected their views, that “the level of inventories recorded a record high for the eighth straight week and increase by 3.2 million barrels.

By 1540 GMT, futures US crude rose US $ 1.84, equivalent to 5.13 percent to $ 37.73 a barrel. “

And it increased the global Brent crude contracts for Brent crude of $ 1.90 or 5.02 percent to $ 39.77.

Said Scott Shelton Broker energy at ICAP in Durham, North Carolina, “I think that what is happening in the market’s more the overall change in inventories is not components of unilateralism, it’s the first week in the second quarter and we have a net decline will force it bears low prices on rethink balances downward bets for the second quarter. “

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