Crude sits close to half-year minimums

Crude sits close to half-year minimums

On Friday, crude prices kept to six-month minimums, held down by an everlasting supply overhang, persisting notwithstanding an OPEC-led effort to reduce output and also prop up crude markets.

Brent crude futures hit $46.97 a barrel, moderately higher than their previous settlement.

American West Texas Intermediate crude futures gained too, demonstrating $44.48 per barrel.

However, prices for both benchmarks have lost approximately 13% since late May, when producers led by the OPEC dared to extend a promise to reduce output by nearly 1.8 million barrels a day until the end of the first quarter of next year.

Soaring American crude output, especially from shale drillers, is actually contributing to the overall ineffectiveness of the OPEC-led drops.

Besides this, high exports as well as production from Russia are adding to the everlasting glut too.

Russia is supposed to export up to 61.2 million tons of crude via pipelines during the third quarter versus 60.5 million tons in the second quarter.

Similar

The US Payrolls Bring New Hope for Gold
The US Payrolls Bring New Hope for Gold

The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Latest news

The US Dollar May Decline
The US Dollar May Decline

Mester (Fed) says the Fed will have to raise rates again this year. However, the US dollar index shows signs of a short-term decline. Read the full article and learn more!

NFP, Oil, and US Stocks Highlight This Week
NFP, Oil, and US Stocks Highlight This Week

Welcome to the first week of October!  As usual, at the start of the week, we are looking for valuable insights that will bring us profits in trading. Let’s observe the main events. 

The US Dollar Is Correcting
The US Dollar Is Correcting

Inflation in Europe was released better than the forecast. The preliminary fact was published at 4.3%. What's happening in the markets?

Deposit with your local payment systems

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

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!

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