Crude prices descend due to Middle East issues

Crude prices descend due to Middle East issues

On Tuesday, crude sagged for a third day, affected by worries that a political rift between Qatar as well as several Arab states would strictly undermine an OPEC-led initiative to tighten the oil market.

Persistent revenues in American output also dragged on benchmark oil prices, as market participants told.

Brent crude futures hit $49.27 per barrel, sliding 0.4% from the previous close.

American West Texas Intermediate crude futures wet down 0.2%, being worth $47.21 per barrel. As a matter of fact, they lost approximately 8% from the May 25 open.

On Monday, all ties with Qatar were suddenly snapped by major Arab powers, including Egypt, Saudi Arabia as well as the United Arab Emirates. All of them suddenly accused Qatar of support for terrorists.    

Meanwhile, American crude output has leapt more than 10% since mid-2016, hitting 9.34 million bpd, a level close to number one producers Saudi Arabia and Russia.


The US Payrolls Bring New Hope for Gold
The US Payrolls Bring New Hope for Gold

The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

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FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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