Oil rises towards $ 50 a barrel

The number of visits: 666 Published on: 25/5/2016, 18:18 Published by: Messenger of Delphi

Oil futures climbed toward $ 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 last week.

But oil prices also received support from 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), the US will raise interest rates in June.

It jumped NYMEX to the nearest maturity during Asian trading 73 cents, or about 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.

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