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.

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