Wednesday, 27 April 2016

Crude Oil Strong Against Dollar, Investor Appetite

Crude oil futures rose half a dollar in early Asian trading on Wednesday and remained near 2016 highs on the back of strong investor sentiment and a weak dollar, although analysts warned this month's bull-run could soon run out of steam.

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International Brent crude futures were trading at USD 46.26 per barrel at 0023 GMT, up 52 cents, or 1.1 percent, from their last settlement. US West Texas Intermediate (WTI) crude was also up 52 cents, or 1.2 percent, at USD44.56 a barrel.

WTI was further lifted after the American Petroleum Institute (API) reported a drawdown of nearly 1.1 million barrels in U.S. crude inventories last week versus a 2.4 million-barrel build expected by analysts in a Reuters poll. Both Brent and WTI were near 2016 highs of USD 46.49 and USD 44.83, respectively reached the previous session.

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