Oil goes up amid upbeat mood over demand prospects

Oil goes up amid upbeat mood over demand prospects

On Monday, crude prices moderately ascended in European trade, extending the previous week's strong revenues on signs that demand for oil will pick up in the second half of the year.

August delivery US West Texas Intermediate crude futures showed $46.78 a barrel, gaining approximately 0.5%.

September delivery Brent crude futures soared 0.5% in London, trading at $49.15 a barrel, having hit a one-week high of $49.23.

The previous week WTI inched up 5%, while Brent rallied 4.5%, underpinned by reports of accelerating demand surge from the International Energy Agency, dipping crude stocks in America and crude oil import growth in China.

Notwithstanding recent revenues, worries over ascending global supplies were still on traders’ minds.

American drillers added two crude rigs by July 14, as energy services company Baker Hughes informed on Friday. It brings the overall count up to 765, which is the most impressive outcome since April 2015. It underlines worries that the ongoing rebound in American shale output is derailing efforts by other key producers to rebalance the market.

Similar

Gold approaches $1,300 once again

Britain’s economic and political issues along with a no-confidence vote on Prime Minister Theresa May following her unsuccessful Brexit deal vote gave gold traders a hope of getting back to maximums of above $1,300 an ounce…

Gold surges a bit

On Tuesday, gold managed to gain a bit due to the fact that the first dive in factory gate inflation for four months backed the argument that the major US bank should suspend monetary policy tightening and traders looked ahead to a bunch of remarks from…

Gold stands still

On Thursday, gold was intact due to the fact that market participants waited for comments from Fed Chair Jerome Powell in the face of hopes that the head of the US key financial institution is going to reaffirm a pause in the US monetary policy…

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