- Analytics
- News and Tools
- Market News
- Oil: Prices resume decline
Oil: Prices resume decline
Brent crude and West Texas Intermediate are trading closer to five-year lows. Brent Crude lost -1.18% trading at USD66.05 a barrel, and West Texas Intermediate declined -1.55% currently quoted at USD62.83. Oversupply and slowing global economic growth continue to weigh on prices. A price war between Saudi Arabia and Iraq, the two largest producers within the OPEC, puts further pressure on prices as they fight for market shares. Yesterday Algeria's Energy Minister said that there is a possibility of an emergency meeting of the OPEC before the scheduled meeting in June. Crude inventories in the U.S expanded by 4.4 million barrels to 377.4 million barrels last week according to the API. Analysts expected a decline by 2.2 million barrels.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
