Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Crude sags on worries of oversupply
On Wednesday, crude went down in early trade, squeezed between worries of oversupply, spurred by ascending Libya output as well as fears of reduced future investment in the crude industry.
Brent crude futures hit $51.61 a barrel, declining 0.5% from their previous close.
West Texas Intermediate crude futures reached $47.63 a barrel, sliding 0.4%.
According to Bernstein Research, low crude prices along with ample supplies were resulting in relatively low crude industry investment levels.
On Tuesday, Libya's Sharara crude field was gradually resuming its work after a shutdown.
Sharara recently hit output of approximately 280,000 barrels per day. However, it closed earlier this month because of a pipeline blockade.
Libya's ascending output turns to be a real headache for OPEC that along with non-OPEC crude producers, such as Russia has promised to hold back approximately 1.8 million bpd of supplies between January 2017 as well as March 2018 for the purpose of tightening supplies.
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Once in a month, the euro has a very special day of increased volatility at the start of the European trading session.