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.


Latest news

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

Deposit with your local payment systems


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