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Crude prices approach three-year maximums
On Tuesday, Brent crude prices managed to consolidate recent revenues at $70 a barrel - a level not observed since 2014's dramatic crude market dive.
Oil prices have been stimulated by output curbs in OPEC nations as well as Russia, and also by firm demand on the back of sturdy global economic surge.
Brent crude futures dived 0.36% hitting $70.01 a barrel from yesterday’s settlement. However, market participants told that Brent gained support around this level.
On Monday, Brent reached $70.37 a barrel, demonstrating its strongest value since December, 2014.
American West Texas Intermediate crude futures hit $64.50 a barrel, adding 0.3% from their previous close. WTI managed to reach a December-2014 maximum of $64.89 a barrel in early trade.
As Morgan Stanley stressed, in 2017 crude markets turned to be 0.5 million bpd undersupplied. The financial institution added that a 200,000 bpd deficit will continue in 2018.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.