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On Monday, crude sagged, as surging American drilling activity as well as steady supplies from OPEC countries notwithstanding touted output cuts pressured already-bloated markets.
Brent crude futures were dropped 0.56%, trading at $51.47 per barrel.
American West Texas Intermediate crude futures tumbled 0.78%, hitting $48.40 a barrel.
Market participants told that crude prices came under pressure from ascending American drilling as well as ongoing high supplies by the OPEC notwithstanding its pledge to reduce output by nearly 1.8 million barrels per day together with some other crude producers, such as Russia.
American drillers added 14 oil rigs by March 17, thus bringing the total count up to 631, which is the most impressive outcome since September 2015, as energy services firm Baker Hughes Inc informed on Friday.
Therefore, US crude output has ascended to over 9.1 million bpd from 8.5 million bpd in June the previous year.
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On Friday, the leading precious commodity rallied, thus offsetting some of its weekly losses because Trump’s remarks about Fed rates and the evergreen buck put pressure on the US currency…
On Tuesday, metal prices kept sagging in the face of trade worries as well as a soaring evergreen buck…
On Wednesday, gold headed south and kept to a one-year minimum due to the fact the evergreen buck managed to strengthen on Fed Chair’s remarks, which backed views that the US major financial institution considers lifting its interest rates this year…
In February, Japan's exports probably ascended at the fastest pace for two years due to a softer yen as well as improving global demand, as a Reuters survey showed on Friday…
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…
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…
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