Crude inches down on ascending American crude inventories and output

Crude inches down on ascending American crude inventories and output

On Thursday, crude markets went down, suppressed by soaring American crude inventories as well as output, not to mention a stronger greenback that potentially affects fuel consumption in countries, which utilize other currencies at home.

Brent crude futures demonstrated $56.13 a barrel, sliding 0.3% from their previous close.

American West Texas Intermediate crude futures hit $50.68 per barrel, declining 1 cent from the previous settlement.

Market participants told that a strengthening US currency had put pressure on Brent. At the same time ascending crude stocks as well as output in America had pressured WTI.

American commercial crude inventories tacked on for a third straight week, adding by 4.6 million barrels by September 15, hitting 472.83 million barrels.

Meanwhile, American crude output has mostly revived from the shut-downs caused by Hurricane Harvey. Well, currently US crude output accounts for 9.51 million barrels a day, which is up from 8.78 million bpd after the storm affected the US Gulf Coast.


Gold declines due to Thanksgiving Day

On Thursday, gold sagged in holiday-thinned trade, although losses were capped by rumors that the major US bank might not tighten American policy as mawkishly as previously anticipated…

Crude is firm on anticipated OPEC cut extension

On Wednesday, crude rallied after a reported dive in American crude inventories and also on hopes that an OPEC-led output cut aimed at tightening the crude market is going to be extended beyond next March…


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