Crude inches down over doubts recent jump will last through fourth quarter

Crude inches down over doubts recent jump will last through fourth quarter

On Wednesday, crude slumped over caution that a price ascend, which kept unrolling for most of the third quarter wouldn’t manage to extend through the last three months of 2017.

American West Texas Intermediate crude futures CLc1 hit $50.05 a barrel, sliding 0.7% from their previous close.

Brent crude futures LCOc1 lost 0.6% being worth $55.65 a barrel.

Market participants told that the sag came over worries that a third-quarter market soar that had raised Brent to mid-2015 maximums by late September had been totally overdone.

Market experts told that market rebalancing is currently underway, and it means that demand isn’t undershooting available supply any longer.

The re-balancing appears to be an outcome of strong consumption. As for other causes one should mention efforts made by OPEC to reduce output by nearly 1.8 million barrels a day this year and the first quarter of 2018.

 

Similar

Popular

Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera