Crude prices sag on record American crude stocks

Crude prices sag on record American crude stocks

On Thursday, crude prices sagged, as record American crude inventories underscored that oil markets remain bloated, notwithstanding  efforts led by OPEC to reduce output and spur prices.

Brent crude futures hit $54.07, tumbling 0.5% from their last close. West Texas Intermediate crude futures slid 0.6%, reaching $50.85 a barrel.

Market participants told the drops came on the back of ascending American crude output, which bolstered inventories to record levels.

American fuel inventories as well as crude output levels are key to whether the USA will remain the world's number one crude importer, thus helping to back prices, or if its ascending output along with large stocks give greater exports to the rest of the world, which would weigh on crude markets.

Meanwhile, on Wednesday, the US Energy Information Administration reported a 1.57 million barrels surge in crude inventories, bringing total American stocks to a fresh record of 535.5 million barrels.

 

Similar

WTI oil: too much for bulls?
WTI oil: too much for bulls?

Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!

Bitcoin crosses $50,000!
Bitcoin crosses $50,000!

Another all-time high has juts been reached by the famous crypto asset. What next? $100,000?

Latest news

All eyes on US retail sales
All eyes on US retail sales

US retail sales will be out on Thursday, April 15, at 15:30 MT. It is a significant release for traders as it will impact the US dollar.

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

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