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

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

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

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