Want some futures trading education on how contracts related to oil can be impacted by reports released by the U.S. federal government?
The price of oil futures scheduled for June delivery had a very strong day on April 24, surging 2.5 percent to settle $2.25 per barrel higher at $91.43 on the New York Mercantile Exchange (NYMEX), according to MarketWatch. This represented the highest price that the contract settled at since April 11, according to data provided by FactSet.
This contract had risen slightly in early afternoon trade in Europe, as it was 47 cents per barrel higher at $89.65 on the NYMEX, according to The Associated Press.
During the day, markets responded to news that the U.S. Energy Information Administration had indicated that the nation's supplies of crude surged by 900,000 barrels during the week that ended on April 19, MarketWatch reports. The figure contained in the document was far short of the 1.4 million barrel gain that was predicted by analysts who were polled by Platts.
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