Crude prices sag on firm oversupply concerns

Crude prices sag on firm oversupply concerns

On Friday, crude prices went down, suppressed by ongoing concerns as for oversupply notwithstanding a bigger-than-expected dip in American crude inventories.

Market participants were also monitoring the broad market impact of tensions between America and the United States.

Brent crude futures slid 0.58% being worth $51.60 a barrel.

In the USA, West Texas Intermediate crude futures descended 0.64% hitting $48.28 a barrel.

On Thursday, crude prices hit 2-1/2 month maximums, but rebounded to close down 1.5%, with American prices getting back below $50 per barrel amid everlasting oversupply worries.

According to official data, US crude inventories slumped abruptly by 6.5 million barrels by August 4 because refiners increased run rates to the highest value for 12 years because of strong demand.

However, doubts are still actual over whether enough oil would be consumed to tame a global glut after on Thursday OPEC told about another leap in the crude cartel's output, even though it increased outlook for crude demand in 2018.

Similar

Gold moves down

On Friday, gold declined, simultaneously trying to preserve its weekly profits because the USD index jumped, offsetting its abrupt weekly dive…

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

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