Crude sags as ascending Libyan and American output undermines cuts

Crude sags as ascending Libyan and American output undermines cuts

On Wednesday, crude prices went down because soaring output from Libya contributed to worries as for soaring American output, undermining OPEC-led output cuts aimed at tightening the energy market.

Brent crude futures hit $51.66 a barrel, sliding 0.4% from the previous close.

US West Texas Intermediate crude futures reached $49.37 a barrel, losing 0.6% from their previous settlement.

Market participants told that the price drops were caused by higher output in conflict-torn Libya. This country contributed to a relentless ascend in American crude output.

Libya's crude outpu8t is expected to ascend to 800,000 barrels per day already this week, as state-run National Oil Corporation informed on Monday.

It would probably spur its exports. According to shipping data in Thomson Reuters Eikon, excluding pipeline exports, Libya managed to ship out an average of 500,000 bpd of oil in 2017, unlike 300,000 bpd delivered last year.


Brent reaches $70 on output cuts

On Monday, Brent crude rallied to $70 a barrel, underpinned by everlasting output cuts led by OPEC as well as Russia, and neglecting a soar in the US and also Canadian drilling activity, pointing to higher future output in North America…


Greenback descends versus yen

On Thursday, the evergreen buck was just a touch lower versus the Japanese yen after reaching an eight-week peak overnight…

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…

Gold descends on profit-taking in Asia

On Monday, gold sank on profit-taking in Asia because market participants are closely watching the evergreen buck for potential further dives closely connected with a more gentle than anticipated rate lift path by the key US bank in 2018 after gloomy…

promotions you can be interested in

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

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