Crude leaps 1% on weaker greenback

Crude leaps 1% on weaker greenback

On Monday, crude prices leapt more than 1% on a weaker greenback, but another ascend in American drilling activity stoked concerns that a global supply glut will go on notwithstanding an OPEC-led effort to tame output.

Brent crude futures soared 1.1%, showing $46.04 per barrel.

American West Texas Intermediate crude futures edged up 1%, trading at $43.45 per barrel.

Financial experts told that crude prices extended profits because traders covered their short positions, though there was little fundamental news backing prices.

On Monday, the US dollar index demonstrated poor performance versus a basket of currencies amid dipping hopes for the Fed to raise interest rates again later in 2017. A weaker greenback also makes crude more affordable for countries utilizing other currencies.

Meanwhile, American energy companies added up to 11 crude rigs by June 23, thus bringing the total count up to about 758, the most impressive outcome since April 2014.

 

 

Similar

US Retail Sales

A change in retail sales is one of the most important economic indicators for the US economy and the USD.

Gold inches up

On Thursday, gold managed to gain due to the fact that the evergreen buck gave up some of its revenues, while relieving trade-war worries assisted traders in cutting bearish bets on other commodities…

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