Crude dips on bulging American crude inventories

Crude dips on bulging American crude inventories

On Wednesday, crude prices resumed their downward trend, as data demonstrated a soar in American crude inventories as well as record supplies in the rest of the world generated doubt as for OPEC's ability to reduce supplies and also tighten the market.

American West Texas Intermediate crude futures CLc1 hit $49.32 per barrel, sliding 0.5% from their previous close, having gained 0.7% last in the prior session. WTI futures have dropped for seven of the last eight sessions.

Market participants told that Tuesday’s report by the American Petroleum Institute informed that American crude inventories added by 897,000 barrels by April 21, hitting 532.5 million barrels.

Brent crude futures LCOc1 reached $51.88 per barrel, slumping 0.4% from their previous close. Brent’s approximately 8.5% below its April high.

This year crude prices have mostly decreased as American inventories remained brimming, while global fuel supplies set new records notwithstanding the pledges to cut output.

 

Similar

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

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

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