WTI oil: too much for bulls?
Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
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.
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