Crude prices stand still as OPEC claims market is currently rebalancing

Crude prices stand still as OPEC claims market is currently rebalancing

On Tuesday, crude prices were intact because OPEC told that there were evident signs the market was rebalancing and American output was still offline due to Hurricane Nate.

American West Texas Intermediate crude futures hit $49.64 a barrel, soaring just 0.1% from their previous close.

As for Brent futures, they also gained no more than 0.1% trading at $55.85 a barrel.

Crude prices were backed because OPEC told crude markets were rapidly rebalancing after a long period

OPEC has made vigorous effort to reduce output in 2017 just to stop years of overproduction, which generated an enormous supply overhang.

Short-term crude price support was also received from America, where up to 85% of US Gulf of Mexico crude output or just 1.49 million barrels a day, turned to be offline because of Hurricane Nate. Crude companies evacuated employees from Gulf platforms and reduced output ahead of the natural disaster.

 

 

Similar

Gold is at 5-month minimums on stronger greenback

On Friday, gold dived to five-month minimums because optimism as for the US tax reform overhaul kept underpinning demand for the US dollar ahead of the highly-anticipated American nonfarm payrolls report to be released a bit later in the day…

Popular

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

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