Crude prices get to 2-week peaks as American crude output dips

Crude prices get to 2-week peaks as American crude output dips

On Thursday, crude prices tacked on to a two-week peak in European trade, extending revenues into a sixth session right after the American government data disclosed the greatest weekly dip in domestic crude output in nearly a year.

August delivery West Texas Intermediate crude futures were worth $45.12 a barrel, earning approximately 0.9%.  The commodity benchmark reached its highest value since June 14.

Meanwhile, September delivery crude futures surged 0.8% in London, having reached a two-week peak of $48.03.

On Wednesday, oil prices reported steep revenues, with the commodity boasting its fifth wining session in a row.

Crude prices have stood under pressure in recent weeks because worries over ascending American shale output canceled out output cuts by OPEC as well as non-OPEC members.

The previous month, OPEC along with some non-OPEC producers extended a deal to reduce up to 1.8 million barrels per day until March next year.


Gold sags in Asia as risk trade relives

On Monday, gold edged down in Asia because risk trade relieved and market participants waited for more insight on American tax cut plans as well as related Fed policy…


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