Crude prices sag on lingering oversupply worries

Crude prices sag on lingering oversupply worries

On Thursday, crude prices dived, weighed down by a general sentiment of globally bloated financial markets, although market participants told that prices seemed to have gained support around current levels.

American West Texas Intermediate crude futures CLc1 hit $49.34 per barrel, sliding 0.56% from their previous close. WTI futures have dropped approximately 8.5% from their April high.

Brent crude futures LCOc1 reached $51.58 per barrel, descending 0.46% from their previous close. Brent futures are nearly 9% below its April high.

Traders told that the drops in recent weeks were an outcome of a realization that global crude markets remained oversupplied notwithstanding efforts led by the Organization of the Petroleum Exporting Countries as well as Russia to reduce output by 1.8 million barrels per day in the first half of 2017to tighten the market and stimulate prices.

While on Wednesday, America posted a dip in its commercial crude stocks albeit from near-record peaks, its gasoline inventories inched up because refiners produced more fuel than the market could actually consume.

Similar

Gold slumps to 1-week minimum as greenback is still backed

On Wednesday, gold declined to one-week minimum because strength in the evergreen buck kept weighing, in spite of the fact caution ahead of the minutes of the Fed’s latest gathering along with uncertainty surrounding a huge American debt auction this…

Popular

Crude edges down in Asia on Caixin PMI

On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…

promotions you can be interested in

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