Crude shrugs off some losses

Crude shrugs off some losses

On Monday, crude prices managed to recover some losses after a 3% dip in the previous session, although markets are still under pressure from high drilling activity in America as well as ample supplies from producer club OPEC.

Brent crude futures reached $47.08 per barrel, rising 0.8% from their previous close.

American West Texas Intermediate crude futures hit $44.60 per barrel, adding 0.8% too.

Brent prices dipped 17% below their 2017 opening notwithstanding a deal led by the Organization of the Petroleum Exporting Countries to reduce output from January.

On Monday, ANZ bank reported that the market kept focusing on the soaring American drilling activity as well as higher output.

The previous week American energy companies added seven crude drilling rigs, thus marking a 24th week of gains out of the last 25 and bringing the overall count up to 763, which is the most impressive outcome since April 2015, as Baker Hughes energy services company revealed on Friday.

Similar

Brent reaches $70 on output cuts

On Monday, Brent crude rallied to $70 a barrel, underpinned by everlasting output cuts led by OPEC as well as Russia, and neglecting a soar in the US and also Canadian drilling activity, pointing to higher future output in North America…

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