Crude prices decline on rise in American drilling

Crude prices decline on rise in American drilling

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.

Similar

Gold declines on Fed remarks

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…

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