Brent climbs up, hovering over 26-month maximum amid supply concerns

Brent climbs up, hovering over 26-month maximum amid supply concerns

On Wednesday, Brent crude prices ascended just to sit not far off 26-month maximums reached in the previous trading session amid fresh threats from Turkey that it could reduce crude exports from Iraq's Kurdistan region.

November delivery crude futures added 0.4% being worth $58.65 a barrel. On Tuesday, it lost 1% having reached $59.49, its highest outcome since July 2015, surpassing a 2017 dip by 34%.

US November delivery grew 0.5% hitting $52.12, having dropped 0.7% after reaching a five-month maximum of $52.43 on Tuesday.

Crude prices have been underpinned by output curbs by OPEC as well as other key producers. However, American crude futures have lagged behind Brent amid worries that American production-surge could drive oversupply.

American crude supplies have been going up as imports and output revive in the aftermath of Hurricane Harvey.

On Wednesday, the US Energy Information Administration is expected to issue stocks data.

 

Similar

Crude is still backed

On Friday, oil was still underpinned amid everlasting optimism as for the rebalancing of the crude market, while the partial closure of the major North-American pipeline generated supply disruption worries…

Gold is nearly intact

On Friday, gold was nearly intact because the US currency started mildly recovering from steep losses demonstrated in the previous trading session…

Popular

promotions you can be interested in

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