Crude dips as ascending output weighs

Crude dips as ascending output weighs

On Monday, oil descended, though still staying close to nine-week maximums, backed by sturdy American jobs data the previous week as well as a moderate sag in the American drill rig count, even as soaring output from OPEC tamed oil markets.

Brent crude futures decreased 0.32% being worth $52.25 a barrel.

American crude futures slumped 0.30% trading at $49.43 per barrel.

Prices for both benchmarks have been sticking to their maximums since late May, when crude producers led by OPEC extended a deal to cut output by about 1.8 million barrels a day until the end of March 2018.

At the end of the previous week crude prices grew strongly because traders considered American jobs data as an upbeat indication of crude demand in America. A small dive in the number of drill rigs in the USA backed prices too.

In July, American employers hired up to 209,000 employees, beating forecasts, and increased wages, as the US Labor Department informed on Friday.

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Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.

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