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.


The US Payrolls Bring New Hope for Gold
The US Payrolls Bring New Hope for Gold

The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Latest news

What Are FOMC Insights?
What Are FOMC Insights?

The Federal Open Market Committee, a committee within the Federal Reserve, will reveal a detailed record of the central bank’s last meeting on July 6 at 21:00 MT.

Will Australian Cash Rate Change?
Will Australian Cash Rate Change?

The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.

Deposit with your local payment systems

Be on top of your game

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.


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

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