Crude is steady on tighter market

Crude is steady on tighter market

On Friday, crude markets stood firm because the Forties pipeline outage in the North Sea as well as the everlasting OPEC-led output cuts underpinned the commodity, while ascending output from the USA kept oil from soaring further.

American West Texas Intermediate crude futures hit $57.13 a barrel, soaring 9 cents from their previous settlement.

As for Brent crude futures, they reached $63.35 a barrel, gaining cents from their previous close.

Market participants told that in general markets were well underpinned by efforts led by OPEC and Russia to tame supply just to prop up crude prices.

The everlasting outage of the Forties pipeline that carries North Sea oil to the UK, was also backing crude prices because inventories around the globe were being drawn down.

As Goldman Sachs stressed, market conditions enabled the major crude companies to enter "an upbeat earnings-revision cycle" and it should help them to have their capital re-employed at double-digit returns.

Similar

Popular

Crude edges down in Asia on Caixin PMI

On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…

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