Find out the main drivers for this week
Crude dives more than 1% on recovery in American output
On Friday, crude sank more than 1% because a bounce-back in American output outweighed everlasting dips in oil inventories.
If Friday's goes down last, it’s going to be the biggest weekly price drop since October this week.
Brent crude futures hit $68.46, losing 1.2% from their previous settlement. On Monday, they reached their highest value since December, 2014, sticking to $70.37 per barrel.
American West Texas Intermediate crude futures showed $63.02 a barrel, sliding 1.5% from their previous close. On Tuesday, WTI futures marked a December-2014 maximum of $64.89 per barrel.
Market participants told that the lower prices were caused by a recovery in American crude output after a recent sag and also by an expected dive in demand when winter is over in the northern hemisphere.
On January 12, American crude output kept to 9.75 million barrels a day, as data from the Energy Information Administration disclosed.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.