Oil prices edged up in Asia today following US data showing a drop in crude inventories, a sign of a tightening supply market. Crude stockpiles fell by 2.3 million barrels last week — the ninth week in a row — data from the US Department of Energy showed.
“In the short term, the markets will focus on the interest rate decision by the European Central Bank and trading statistics from Japan.” The ECB is expected to make an announcement today on whether it will raise interest rates.
Markets have gone on the upturn on expectation of fresh stimulus, led chiefly by news that Japanese Prime Minister Shinzo Abe is eyeing a plan worth at least 20 trillion yen,
Crude prices have fluctuated between USD 44 and USD 52 per barrel in the past month, after falling below USD 30 in February on the back of the world supply glut and weak demand.
Supply disruptions that lifted prices from near 13-year lows in February have eased and the situation in Turkey is stabilising after the weekend’s failed coup attempt, turning attention back to the supply issue.
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