😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

Oil Prices Rebound After Worst Trading Day in 2019

Published 05/23/2019, 11:29 PM
© Reuters.

Investing.com - Oil prices rebounded on Friday in Asia after settling down almost 6% the previous session amid another surprisingly strong increase in U.S. stockpiles last week.

U.S. Crude Oil WTI Futures gained 1.2% by 11:20 PM ET (03:20 GMT). International Brent Oil Futures also rose 1.2% to $68.56.

Oil prices settled down more than 5% on Thursday. It was the steepest drops since the start of the year.

The slide came after the U.S. Energy Information Administration reported that crude inventories had unexpectedly risen by 4.74 million barrels last week, compared with the forecasted 600,000 barrel decline.

Stocks of gasoline and other distillates also rose, counter to expectations.

Oil prices and most risk assets were under pressure since trade negotiations between the U.S. and China hit an impasse earlier in the month. Asian shares are set to record a third week of losses and are currently trading near four-month lows.

Comments from the International Monetary Fund on Thursday that said "the latest escalation (of the U.S.-China trade war) could significantly dent business and financial market sentiment, disrupt global supply chains, and jeopardize the projected recovery in global growth in 2019” were also cited as denting investor sentiment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.