Crude sags in Asia as American rig count gains

Crude sags in Asia as American rig count gains

On Monday, crude went down in Asia because the market digested fresh additions to the American rig count the previous week as well as firm output in the US.

January delivery US West Texas Intermediate crude futures dived 0.51% hitting $57.07 a barrel. Besides this, ICE Brent futures lost 0.38% hitting $63.09 a barrel.

This week crude traders are going to view monthly reports from OPEC and also the International Energy Agency for the purpose of evaluating global oil demand and supply levels. The given data will provide investors with a better picture of whether a rebalancing is taking place worldwide in the oil market or not.

The previous week, crude concluded higher on Friday, driven by signs of ascending crude demand in China, although prices didn’t’ manage to avoid a weekly loss amid worries over soaring output in America.

February Brent crude futures added 1.9% setting at $63.40 a barrel. Brent lost 0.6% for the week.


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?

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FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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