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Crude holds revenues as oil producers ascertain market rebalancing
On Monday, crude prices were nearly intact, keeping most of their revenues from the previous trading session to hold close to their highest outcome in months. It’s because key producers meeting in Vienna told that the market was successfully making its way towards rebalancing.
OPEC, Russia as well as several other oil producers have reduced their output by nearly 1.8 million barrels a day since the beginning of 2017, thus helping to raise crude prices by nearly 15% for the last three months.
Essam al-Marzouq, Kuwaiti Oil Minister, who chaired Friday's gathering of the Joint Ministerial Monitoring Committee, told that supply cuts were assisting to reduce global oil inventories to about their five-year average, which is OPEC's stated objective.
November delivery Brent crude futures slumped just 3 cents being worth $56.83 a barrel in London. They approached the highest outcome since March.
Meanwhile, November delivery US crude futures slumped 8 cents trading at $50.58, having soared 0.2% on Friday.
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.