The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Crude slips away from 2015 maximums
On Wednesday, oil slipped away from two-and-a-half year maximums reached the previous trading session. It’s because of the gradual resumption of flows via a key North Sea pipeline offset supply disruption in Libya.
However, the two outages in rapid succession have clearly shown how much tighter crude markets worldwide have become a year into supply reductions led by OPEC along with Russia.
American West Texas Intermediate crude futures hit $59.74 a barrel, sliding 23 cents from their previous settlement. Apparently, in the previous session WTI futures overleapt $60 a barrel for the first time since June 2015.
As for Brent crude futures, they demonstrated $66.66 a barrel, losing 36 cents. Yesterday, the given commodity benchmark managed to break through $67 for the first time since May 2015.
The dives happened to be an outcome of the gradual return of the 450,000 barrels a day capacity Forties pipeline system, situated in the North Sea.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The yellow metal could not stay for a long time near the $1,401 level.
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