Crude soars on sturdy short-term demand outlook

Crude soars on sturdy short-term demand outlook

On Tuesday, crude prices inched up, underpinned in part by a sturdy demand outlook for the coming weeks, though overall market conditions remain poor on the back of rich supplies as well as a more subdued outlook for long-term demand.

Brent crude futures demonstrated $47.07 per barrel, adding 0.4% from their previous close.

American West Texas Intermediate crude futures reached $44.56 a barrel, soaring 0.4%.

Market participants told that the uptick in prices was partially because of healthy demand expected in the nearer weeks.

Crude prices have edged down 17% below their 2017 starting levels notwithstanding a deal led by the Organization of the Petroleum Exporting Countries to reduce output from January.

OPEC and also some other major exporters, including Russia agreed to hold back approximately 1.8 million barrels per day of output between January 2017 and March 2018.

In June, OPEC exported up to 25.92 million bpd, which is 450,000 bpd more than in May as well as 1.9 million bpd more than in 2016.



Latest news

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…

Deposit with your local payment systems


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

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