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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.
What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
Sudden spikes? Yes, please! Gold is above $1,800, finally!
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
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