Commodity Tips:- Crude Oil Futures Edge Higher As IMF Threatens Venezuela

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Crude oil futures edged higher on Wednesday after the IMF threatened to expel Venezuela over lack of transparency with its financials. The IMF said it has issued a declaration of censure against Venezuela for its failure to implement certain remedial measures and failure to comply with specific obligations. 

 

The IMF said it called on Venezuela to adopt specific remedial measures and will meet again within 6 months to consider Venezuela’s progress in implementation. Meanwhile, U.S. crude oil inventories surged by much more than anticipated last week. The Energy Information Administration said U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 6.2 million barrels from the previous week.

 

Benchmark crude oil futures for June delivery jumped by 68 cents or 1 percent to settle at $ 67.93 a barrel on the New York Mercantile Exchange. July Brent crude gained 23 cents or 0.30 percent to settle at $73.36 a barrel on London’s Intercontinental Exchange. 

 

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Comments

  1. Rudra Investment4 May 2018 at 14:57

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