MTECHTIPS:-Crude jumps 2% extending rally from 3-month lows, amid short covering
MTECHTIPS-Crude futures rose sharply on Thursday, amid heavy short covering, as oil prices continued to rebound from a lengthy midsummer rout, one day after reports indicated that the massive supply glut in gasoline inventories could be showing signs of leveling. On the New York Mercantile Exchange, WTI crude for September delivery traded between $40.45 and $42.08 a barrel before closing at $41.84, up 1.01 or 2.47% on the session. Earlier this week, the front month contract for futures closed below $40 for the first time since mid-April, capping a lengthy five-week downturn after hitting 10-month highs at the start of the summer. On the Intercontinental Exchange (ICE), brent crude for October delivery wavered between $42.52 and $44.33 a barrel, before settling at $44.23, up 1.12 or 2.60% on the day. The international and U.S. domestic benchmarks for crude are still down more than 15% from their June highs
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Crude oil traded with weakness after inventory data showed crude and gasoline stockpiles rose sharply. For more crude oil update contact with Dollar Advisory.
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