Oil prices sink in Asia as market mulls supply outlook

Oil prices sink in Asia as market mulls supply outlook

On Monday, crude prices gave up early revenues in Asia after a weekend gathering that saw some pledge for the extension of a coordinated output drop by OPEC as well as non-OPEC key producers.

A joint committee of ministers from OPEC and also non-OPEC oil producers has decided to review whether a global pact to restrict supplies should be extended by six months. Crude sector experts told that the lack of an immediate extension could drag on oil prices.

US West Texas Intermediate May delivery crude futures dropped 0.19%, hitting $47.88 in New York. Besides this, in London, Brent crude May delivery futures sagged 0.04%, trading at $50.78 a barrel.

In the week ahead, market participants will eye fresh weekly information on American stockpiles of crude as well as refined products in order to assess the strength of demand in the world’s number one crude consumer.

The previous week, crude futures settled higher on Friday, though posted a weekly loss of about 2% as the market weighed ascending shale output and record-high stockpiles in America against efforts by key producers to reduce output to tame a global glut.


Will the CPI Crash the USD?
Will the CPI Crash the USD?

 The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!

Latest news

Bank of Canada Surprises Markets
Bank of Canada Surprises Markets

The CAD is dominating the markets after the key rate increase! Read the full report to learn more about trading opportunities with the Canadian Dollar!

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

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