Crude dips due to US drilling

Crude dips due to US drilling

On Monday, crude sagged because a relentless ascend in American drilling understated an OPEC-led push to tighten oil supply.

This day trading activity is going to be subdued because of public holidays in the United States, China and the United Kingdom.

Brent crude futures slumped 0.3%, hitting $52.00 per barrel.

American West Texas Intermediate crude futures declined 0.3% too, demonstrating $49.63 per barrel.

The previous week, the Organization of the Petroleum Exporting Countries along with some non-OPEC producers agreed to extend an initiative to cut output by approximately 1.8 million barrels per day, until the end of the first quarter of next year. However, the decision didn’t go as far as many traders had hoped and provoked a heavy sell-off.

Notwithstanding the ongoing dips, crude prices haven’t ascended much beyond $50 per barrel.

American drillers have already added rigs for up to 19 straight weeks, reaching 722, which is the highest amount since April 2015 as well as the longest run of additions on record, as energy services company Baker Hughes Inc informed.

Similar

The US Payrolls Bring New Hope for Gold
The US Payrolls Bring New Hope for Gold

The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Latest news

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

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