Crude prices sink as doubts remain over OPEC supply drops

Crude prices sink as doubts remain over OPEC supply drops

On Friday, crude prices dived, as the market looked for clues on how efficiently OPEC output cuts are working to withstand a global supply overhang.

Brent crude futures declined 0.19%, being worth $51.64 per barrel. Besides this, American West Texas Intermediate crude futures tumbled 0.06%, being worth $48.72 a barrel.

The previous week crude prices dipped steeply on worries that production drops by OPEC as well as non-OPEC members, including Russia, aren’t cutting a supply overhang as rapidly as expected in the face of increased American output.

If crude inventories remain high, the OPEC could extend its crude production cut deal, as the Saudi energy minister disclosed on Thursday.

Crude stockpiles went down by 237,000 barrels by March 10, thus beating analyst expectations for a soar of 3.7 million barrels.

The previous year OPEC along with non-OPEC members including Russia reached a landmark agreement to drop output by nearly 1.8 million barrels per day in the first half of 2017.


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