What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
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.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Hong Kong stock index extended a decline sparked by China’s tech crackdown. Tesla posted better-than-expected results. Jump in!
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…