Crude struggles ahead of American supply update

Crude struggles ahead of American supply update

On Wednesday, crude prices decreased in European trade because market participants looked ahead to weekly data from America on stockpiles of crude as well as refined products later in the global day.

August delivery West Texas Intermediate crude futures hit $43.91 a barrel, sliding 0.7%.

September delivery Brent crude futures lost 0.5%, being worth $46.69 a barrel, having hit a more than one-week peak of $47.30 in the previous session.

On Wednesday, crude prices posted decent revenues, with the commodity logging its fourth lucky session in a row.

The American Energy Information Administration is about to issue its official weekly crude supplies report soon.

The surge in American drilling activity as well as shale output has mostly compensated efforts by OPEC and also other producers to tame output in a move to stabilize the market.

The previous month OPEC along with some non-OPEC producers extended a deal to reduce 1.8 million barrels per day until March 2018.



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