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On Monday, crude went down after American shale drillers added more rigs the previous week, although prices still kept close to their maximum since mid-2015, underpinned by an extension of output cuts agreed the previous week by OPEC as well as other producers.
By December 1 drillers in America added two crude rigs, thus bringing the overall count up to 749, which is the highest outcome since September, as energy services company Baker Hughes told in its Friday’s report.
American West Texas Intermediate crude futures lost 0.8% being worth $57.90 a barrel. Additionally, Brent futures declined 0.6% hitting $63.34 a barrel.
The US rig count, which is an early gauge of future output, rallied abruptly from 477 rigs active in 2016 after energy companies stepped up spending plans for this year.
Over 2017 drillers were generally encouraged to boost their activity because crude prices started reviving from a multi-year price decrease approximately when OPEC as well as some non-OPEC producers decided to limit output last year.
On Thursday, the yellow metal headed south in Asia due to the fact that recent economic data indicated an improved economic surge outlook and also put pressure on the safe-haven commodity…
On Wednesday, gold was nearly intact, sticking with a four-month minimum because better-than-anticipated economic data from China kept global appetite for risky assets healthy and also tamed demand for havens…
On Tuesday, the yellow metal went down in Asia against the backdrop of more positive developments in the China-US trade negotiations…
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On Monday, Asian stocks traded mostly higher, with Shanghai bucking the trend because centrist Emmanuel Macron fully matched opinion survey hopes and left anti-EU far-right nominee Marine Le Pen behind…
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…
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