Oil starts the week on back foot on lingering oversupply concerns

Oil starts the week on back foot on lingering oversupply concerns

On Monday, crude declined because ongoing worries over a global supply glut put pressure on market sentiment.

September delivery West Texas Intermediate crude futures lost 0.1%. The benchmark decreased to its lowest value in nearly two-and-a-half weeks being worth at $47.98 in the previous trading session.

Meanwhile, October delivery crude futures inched down 0.2% in London, hitting $52.00 a barrel.

On Friday, crude prices settled higher, still concluding the week with a loss.

The previous week WTI sank 1.5%, while Brent went down 0.6%, amid signs that OPEC members stepped up output in July notwithstanding the current pact to cut output.

As the International Energy Agency states, OPEC's compliance with the output cuts had dropped to 75% the previous month, which is the lowest outcome since the deal burst out in January.

On Friday, oilfield services company Baker Hughes reported that its weekly count of crude rigs operating in America ascended by three rigs to 768 the previous week.

Similar

WTI oil: too much for bulls?
WTI oil: too much for bulls?

Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!

Bitcoin crosses $50,000!
Bitcoin crosses $50,000!

Another all-time high has juts been reached by the famous crypto asset. What next? $100,000?

Latest news

Stocks that make news this week
Stocks that make news this week

Check our story about the stocks that have the potential to go either up or down big time! In this article, we'll tell you about Nvidia, Apple, Philip Morris, and Coinbase.

Deposit with your local payment systems

Learn more

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.

Callback

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 00:30:00

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