WTI oil: rise and shine?
The oil price looks optimistic. What are the reasons?
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.
Similar
GOLD: the era of $1 800
Congratulations! Gold has just opened a new era... or, rather, reopened...
Gold fell below $1,700
Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
Latest news
ECB report is in focus
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Markets await Biden to unveil "trillions dollars"
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
USD came under selling pressure
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
Deposit with your local payment systems
