On Friday, crude oil held revenues during Asia trade as market participants bought after steep dips overnight and ahead of American rig count data from Baker Hughes as well as nonfarm payrolls in America.
In New York, WTI August delivery crude futures managed to hold gains above 1%, being worth $45.50 per barrel. September delivery Brent crude futures soared 1.25% at$46.98.
Overnight, oil futures slumped to almost two-month minimums, after last week’s lower than expected American inventory draw gave a stark reminder that the conclusion of a prolonged downturn in crude prices isn’t in sight.
On Thursday, the US Energy Information Administration announced in its Weekly Petroleum Status Report that American commercial crude inventories tumbled by approximately 2.23 million barrels by July 1. While the draw appeared to be in line with hopes for a descend of about 2.25 million barrels, financial experts expected a significantly higher reduction.