The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Crude prices revive on big American crude stock drawdown
On Wednesday, crude ascended because industry data disclosed a larger-than-anticipated drawdown in American crude stockpiles. Meanwhile, hopes for an extended shutdown of a key North Sea crude pipeline also kept bolstering financial markets.
Brent crude gained 1% being worth $63.98 a barrel. On Tuesday, the benchmark had declined 2.1% following profit-taking after news of a major North Sea pipeline shutdown assisted to send the benchmark above $65 for the first time since 2015.
Additionally, American West Texas Intermediate crude futures rallied 0.7% sticking to $57.56 a barrel, having tumbled 85 cents in the previous session.
The UK’s major pipeline from its North Sea oil and gas fields will be probably shut for repairs for a couple of weeks, as its operator told on Tuesday.
In response to this move at the North Sea several crude producers, including Royal Dutch Shell and BP told that they had closed down their oil fields too.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…