Crude sags on high OPEC supplies and ascending US production

Crude sags on high OPEC supplies and ascending US production

On Friday, crude markets tumbled, with American crude still staying below $50 per barrel, weighed by ascending output from the USA and OPEC members.

In New York, US West Texas Intermediate crude futures showed $48.93 per barrel, dipping 0.2% from their previous close and approximately 90 cents for this trading week.

Brent crude futures lost 0.2% tumbling to $51.90 from their previous close and approximately 70 cents for the trading week.

Market participants told that prices were being suppressed by soaring output. However, sturdy demand averted greater dips.

In July, crude exports by OPEC jumped to a record peak, powered mostly by ascending exports from the group's African members.

In America, crude output has reached 9.43 million bpd, which is the highest outcome since August 2015.

Sturdy demand is still preventing crude prices from going down.

The previous week American gasoline demand inched up to 9.842 million bpd, which is the highest outcome since the US Energy Information Administration started gathering the data in 1991, as the federal agency posted this week.

 

Similar

Popular

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

promotions you can be interested in

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

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