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 inches down

On Tuesday, the yellow metal declined, while the evergreen buck managed to rally a bit ahead of the American midterm elections, as market experts guess a Republican win would have the American dollar underpinned, while hurting commodities…

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

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