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Crude dips for third day as doubts over OPEC cuts weigh
On Wednesday, crude futures kept tumbling for a third day notwithstanding a bigger than expected dip in American crude inventories posted by an industry group, with doubts as for OPEC's ability to tame supply as previously promised.
Brent crude futures slid 0.5% being worth $51.90 a barrel. During the previous session, the commodity managed to settle down 0.4%.
American West Texas Intermediate crude futures slid 0.3% hitting $49.02 a barrel, having fallen 0.4% on Tuesday.
In America, crude stockpiles sagged more than expected the previous week because imports went down and refinery runs grew, while gasoline inventories added suddenly, as the American Petroleum Institute informed late on Tuesday.
In the week crude inventories went down by 7.8 million barrels to 478.4 million, versus analyst expectations for a dip of 2.7 million barrels.
A recovery in Libya's crude output along with higher output in Nigeria have drastically hampered OPEC's efforts to tame crude supply. Meanwhile, American shale crude drillers have increased output.
The market has started the week with a mixed sentiment…
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.