American crude extends its dive, suppressed by greenback

American crude extends its dive, suppressed by greenback

On Tuesday, crude descended for a second day because soaring American output along with a strengthening greenback affected demand for oil, bringing Brent below $70 a barrel.

Brent crude futures lost 0.5% being worth $69.13 a barrel. On Monday, March delivery contract slumped 1.5% hitting $69.46 a barrel.

American West Texas Intermediate crude futures sank 0.7% reaching $65.09 a barrel. By the way, on Monday, the futures dived 0.9% trading at $65.56.

American crude output happens to be already on par with Saudi Arabia, which is the number one crude producer within OPEC. However, Russia manages to produce more, boasting an output of 10.98 m. barrels a day last year.

American output has soared more than 17% since mid-2016. It’s believed to surpass 10 million bpd in the nearer future.

Drillers in America added up to 12 crude rigs for new output to January 26. That’s what Baker Hughes informed on Friday.

Similar

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera