What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
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.
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!