Crude dips after a strong surge

20 October, 2016

On Thursday, crude prices sank on profit taking after financial markets ascended yesterday due to a draw in American stocks and a hope for an OPEC-led cut in output.

American West Texas Intermediate crude futures were worth $51.38 a barrel, losing 22 cents from their last close. International Brent crude futures reached $52.56, sagging 11 cents.

Traders told that the price descends can be explained by profit taking following a surge yesterday, that saw WTI futures settle at a 15-month peak, powered by a drop in American crude stocks by about 5.2 million barrels by October 14 to 468.7 million barrels.

Crude prices kept rising overnight on optimism as for OPEC supply restraint as well as weaker-than-expected inventories.

The overall sentiment in crude markets remained quite confident, with most experts expecting further leaps.

Some analysts stress that American oil is supposed to break a resistance zone of $51.67 to $52.11 a barrel, and the given surge towards $52.78. 


Source  
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