The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Oil is capped as American output hits 10 million bpd
On Thursday, crude was steady, underpinned by dipping crude inventories in America, although capped by output, rapidly approaching 10 million barrels a day – this level was only exceeded by Russia and Saudi Arabia.
American West Texas Intermediate crude futures hit $58.16 a barrel, gaining 7 cents from their previous settlement.
Meanwhile, Brent crude futures tacked on 6 cents being worth $64.54 a barrel.
Both benchmarks earned approximately 1% during their last sessions, backed by official data disclosing a 6.5 million-barrel dip in American crude inventories to 436 million barrels by December 15, which is the lowest outcome since October, 2015.
US crude output suddenly grew, while a soar in gasoline stocks indicated a slowdown in demand.
American crude output is very close to overleaping 10 million barrel a day, thus undermining efforts led by OPEC and Russia to tighten the crude market through withholding supply in 2017 and 2018.
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.
On Tuesday, crypto assets dived, with Bitcoin decreasing below the psychologically crucial $5,000 mark for the first time this year…
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.