Crude prices hover close to eight-week maximums on lower US stocks

Crude prices hover close to eight-week maximums on lower US stocks

On Thursday, crude prices were sitting below 8-week maximums, underpinned by hopes that a steeper-than-expected sag in American crude inventories will diminish global oversupply.

Brent crude futures sagged 0.1% being worth $50.91 a barrel, having soared 1.5% in the previous session.

US West Texas Intermediate futures sagged 0.1% trading at $48.69 a barrel.

The previous week American crude stocks went down abruptly because refineries stepped up output and imports dropped, while gasoline shares slumped and distillate inventories decreased, as the Energy Information Administration informed on Wednesday.

The 7.2 million barrel sag in oil inventories by July 21 surpassed the 2.6 million barrel prediction.

This week a number of American shale producers including Hess Corp, Anadarko Petroleum as well as Whiting Petroleum announced their initiative to restrict spending this year due to low crude prices.


Gold declines on Fed remarks

On Wednesday, gold headed south and kept to a one-year minimum due to the fact the evergreen buck managed to strengthen on Fed Chair’s remarks, which backed views that the US major financial institution considers lifting its interest rates this year…


Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

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