Oil prices go down on further ascend in American drilling

Oil prices go down on further ascend in American drilling

On Monday, crude sank, suppressed by an ongoing expansion in American drilling, which has assisted to maintain high global supplies notwithstanding an OPEC-led initiative to reduce output to tighten the market.

Signs of faltering demand have also helped weakening sentiment, dipping prices to levels comparable to when the output drops were first unveiled late the previous year.

Brent crude futures lost 0.3%, trading at $47.24.

American West Texas Intermediate oil futures tumbled 0.3%, being worth $44.59 a barrel.

Prices for both benchmarks lost approximately 14% in May, when crude producers led by the Organization of the Petroleum Exporting Countries dared to extend their promise to reduce output by 1.8 million barrels a day by additional nine months until the end of the first quarter of next year.

Traders told the key factor suppressing crude prices was a steady ascend in American output, which undermines the OPEC-led effort.

Similar

Popular

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…

Crude holds revenues on API estimates

On Wednesday, crude held revenues in Asia because industry estimates revealed a much sharper draw in American crude inventories expected, although higher than seen gasoline stocks affected market sentiment…

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