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Crude sags on ascending American shale output
On Tuesday, crude markets went down, suppressed by soaring American shale output as well as fears that another hurricane affecting the Caribbean could knock out refineries, disrupting shipping to and from the USA.
Nevertheless, dipping shipments from leading exporter Saudi Arabia prevented oil prices from going down further, as some financial experts state.
US West Texas Intermediate crude futures CLc1 reached $49.83 a barrel, sliding8 cents from their previous settlement.
In October, American shale output is set to ascend for a tenth month in a row, as the US government informed on Monday.
Apparently, output across seven shale plays is believed to rally by almost 79,000 barrels a day, hitting 6.1 million bpd, as follows from the US Energy Information Administration's monthly drilling output report.
Outside America, Brent crude futures LCOc1 tumbled 15 demonstrating an outcome of $55.33 a barrel.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.