Crude inches down on high OPEC supplies

Crude inches down on high OPEC supplies

On Thursday, crude declined because a surge, which has pushed up crude prices by nearly 10% since early the previous week lost momentum notwithstanding renewed indications of a gradually tightening American market.

Strong demand in America backed prices, though still high supplies from OPEC producers were limiting further revenues.

Brent crude futures slid 0.3% hitting $52.19 a barrel.

In the USA West Texas Intermediate crude futures hit $49.44 per barrel, descending 0.3% from their previous settlement.

American crude prices stood below $50 per barrel notwithstanding record gasoline demand of about 9.84 million barrels a day the previous week as well as a dip in commercial crude inventories of 1.5 million barrels to 481.9 million barrels by July 28, as the US Energy Information Administration informed.

The high OPEC supplies arose notwithstanding a promise by the group, backed by other producers to limit crude output by approximately 1.8 million bpd between January 2017 and March 2018 for the purpose of tightening the market.

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