Crude sags on ascending American shale output

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.



Crude edges down in Asia on Caixin PMI

On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…

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