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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.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.