US crude oil futures climbed on Thursday, reversing course after falling to their lowest level in close to two weeks. Contracts for September delivery rallied 1.90% to end the previous session at $68.98 a barrel. The recovery was largely driven by traders initiating long positions after US futures fell to their 100-day moving average of around $67.90 a barrel. Prices had tumbled earlier in the session after figures from the US Energy Information Administration released on Wednesday showed that crude oil inventories unexpectedly increased. Stockpiles rose by 3.80 million barrels last week to 409.00 million barrels. The consensus of analysts polled by the Wall Street Journal forecast an average weekly decline of 2.20 million barrels.
Bank of England Adopts Hawkish Stance
Daily Analysis - 03/08/2018