Crude prices keep to seven-month minimums

Crude prices keep to seven-month minimums

On Tuesday, crude markets stood around seven-month minimums because market participants focused on persistent signs of soaring supply, undermining attempts by OPEC as well as other oil producers to underpin prices.

Brent futures grew 4 cents, hitting $46.95. On Monday, these futures lost 1%, settling at $46.91 a barrel.

It turned to be their lowest outcome since November 29, just the day before the Organization of the Petroleum Exporting Countries along with other crude producers agreed to reduce output for six months from January.

American West Texas Intermediate crude futures decreased 1 cent, being worth $44.19 a barrel. These futures dipped 1.2% in the previous session, settling at $44.20 per barrel, which is the lowest outcome since November 14. On Tuesday, the July contract is going to expire and August will turn to be the front-month.

Since May both benchmarks have slumped 15%, when OPEC, Russia along with other crude producers extended by nine months the output cut by 1.8 million barrels a day.

Similar

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?

Latest news

Fed’s Rate Pause and UK Inflation Slows
Fed’s Rate Pause and UK Inflation Slows

Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera