Observing news today one can easily get disappointed. However, things are getting better.
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.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
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