Crude is steady as market conditions tighten notwithstanding soaring US output

Crude is steady as market conditions tighten notwithstanding soaring US output

On Monday, crude markets stood still, mostly holding on to Friday's huge revenues even though ascending American output put pressure on hopes the market are going to tighten after a 13% dip in American crude inventories since March.

Brent crude futures got to $52.70 per barrel, sliding a cent from their previous close.

American West Texas Intermediate crude futures hit $48.54 a barrel, soaring up to 3 cents from their previous settlement.

It emerged after a 3% leap in prices on Friday.

Market participants told that the market turned to be somewhat held back by ascending American output that has surpassed 9.5 million barrels a day, which is its highest outcome since July 2015.

However, the surge in American output might slow in the nearer future because energy companies reduce rigs drilling for new crude for a second week in three, as the Baker Hughes energy services company informed on Friday. By August 18 drillers managed to cut up to five crude rigs, thus bringing the total count down to about 763.  

 

Similar

Gold is at 5-month minimums on stronger greenback

On Friday, gold dived to five-month minimums because optimism as for the US tax reform overhaul kept underpinning demand for the US dollar ahead of the highly-anticipated American nonfarm payrolls report to be released a bit later in the day…

Popular

promotions you can be interested in

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

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