Crude sags for second day on oversupply worries

Crude sags for second day on oversupply worries

On Tuesday, crude prices went down, dipping for a second day and losing more strength from a third-quarter soar, amid indications that a global glut in crude might not be clearing as rapidly as some had expected.

American crude futures CLc1 slumped 0.3% being worth $50.44 having closed the previous session down 2.1%.

The US benchmark reported a third quarter revenue of approximately 12%, which is its strongest quarterly ascend since the second quarter of last year, although it has currently sagged 5% from a six-month maximum hit on Thursday.

Brent crude futures slid 0.3% demonstrating an outcome of $55.93 a barrel.

On Monday, Iraq told that exports inched up moderately from its southern oilfields in September, while an earlier Reuters poll showed that the Organization of the Petroleum Exporting Countries managed to boost crude output.

The previous week crude soared on tension in Iraqi Kurdistan right after the region's independence vote. Turkey threatened to close a pipeline, which supplies oil to the Mediterranean from the region in northern Iraq.

Similar

Latest news

Evergreen buck heads north

On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…

Gold ascends on Brexit jitters

On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…

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

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

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