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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.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…