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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 Thursday, gold declined notwithstanding a weakening evergreen buck in the face of ebbing trade fears, as market participants waited for economic data later in the trading session and also looked ahead to the Fed’s policy gathering next week…
On Monday, gold managed to surge due to the fact market participants questioned the greenback jump’s near-term durability…
On Friday, gold managed to rally due to the fact that American leader shockingly impacted market optimism generated by the probability of renewed trade negotiations between China and America…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
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…
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