Another all-time high has juts been reached by the famous crypto asset. What next? $100,000?
American crude prices fight to keep a grip on $50 a barrel
On Friday, American crude futures moderated on the heels of a second-straight leap, churning on either side of the closely monitored $50-a-barrel level as market participants weighed the previous week’s slowdown in domestic inventory surge as well as renewed hopes producers might extend recent output drops.
Prices have soared almost 5% for the last three sessions for both West Texas Intermediate as well as the global Brent benchmark after the previous week prices reached their lowest values since before the deal between the OPEC as well as heavyweight crude producers, including Russia.
In a TV interview Russian Energy Minister Alexander Novak told that Russia has already reduced 200,000 barrels a day and it’s on the verge of dropping more just to comply with its agreement to diminish 300,000 barrels daily.
Contributing to the bounce-back was mid-poor data showing that American crude inventories soared less than expected while crude-products supplies sank, pointing out that future demand for oil is set to strengthen.
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OPEC will hold a meeting on March 4, where it should announce its decision on further oil output.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.