Oil prices jump to the $ 50 a barrel

History of edits:: 05/25/2016 8:28 • 109 visits readable

[Where – Follow – up] 

jumped oil futures towards $ 50 a barrel in Asian trade on Wednesday, driving US crude to its highest level in more than seven months after data from the American Petroleum Institute pointed to a larger – than – expected drop in crude inventories in the United States the week the past.

Oil prices and has been also supported by the closure of the US stock big gains and strong sales of housing in the United States , which may indicate that the Federal Reserve (Central Bank of the US) will raise interest rates in June. 

Jumped NYMEX to the nearest maturity during Asian trading 73 cents or equivalent to 1.5 percent to $ 49.35 a barrel, the highest level since mid – October , before easing slightly to $ 49.25 by the time 0315 GMT , and after the previous session ended on a gain of 54 cents. 

rose International benchmark Brent crude contracts for 57 cents or 1.17 percent to to $ 49.18 a barrel after having closed on Tuesday, up 26 cents in the rebound from four sessions of losses. 

data from the American Petroleum Institute, said Tuesday that crude inventories in the United States fell 5.1 million barrels to 536.8 million barrels, while pointed median forecast analysts to a decline of 2.5 million barrels. 

investors are waiting for a confirmation of the significant decline when the US energy Information administration issued the official figures of the stocks at a later time.

http://www.alliraqnews.com/modules/news/article.php?storyid=38856