Oil drifts away from three-year maximums on signs of overheated market

Oil drifts away from three-year maximums on signs of overheated market

On Thursday, crude drifted away from three-year maximums on signs that a 13-percent soar since early December might have run its course. However, a sudden sag in American output as well as lower crude inventories underpinned crude prices.

American West Texas Intermediate crude futures hit $63.50 a barrel, which is 7 cents below their previous close, although still close to a December-2014 maximum of $63.67 a barrel hit yesterday.

As for Brent crude futures, they reached $69.10 a barrel, which is 10 cents below their previous settlement, although still close to yesterday’s high of $69.37 a barrel - the highest reading since an intra-day jump in May 2015.

American output dived 290,000 barrels a day to approximately 9.5 million bpd, as the EIA informed, thus confounding hopes for American output breaking through 10 million bpd.

Notwithstanding it, more bearish signals are emerging. American and Asian fuel inventories are still ample, and in some cases are even going up.

Similar

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

Deposit with your local payment systems

Callback

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