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

Gold fell below $1,700

Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.

Latest news

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

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

Beginner Forex book

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