- Analytics
- News and Tools
- Market News
- Oil: Prices further decline on strong U.S. dollar - Crude at 2-week low
Oil: Prices further decline on strong U.S. dollar - Crude at 2-week low
Oil traded lower on Tuesday with Brent Crude losing -1.38%, currently trading at USD57.72 a barrel - the lowest in two weeks. West Texas Intermediate declined -0.66% currently quoted at USD49.67.
Market participants now look ahead to the API Crude Oil Inventories to see whether stockpiles in the U.S., the world's largest consumer of oil, grew. Tomorrow the government report on stockpiles is expected to show an increase.
Weaker than expected Chinese PPI data reported today fuelled concerns about economic growth of the world's second largest consumer of oil.
On Sunday OPEC Secretary-General Abdullah al-Badri said that OPEC members should not lower production as this would only help U.S. producers with their higher-cost shale. Data from Baker Hughes on Friday showed that U.S. rig-numbers further declined by 63 - the lowest count since June 2011.
Oil prices declined by almost 60% between June 2014 and January 2015 and recovered by almost 35% in 2015.Although prices rebounded after setting new lows, worldwide supply still exceeds demand in a period of low global economic growth, pushing stockpiles to record highs and weighing on prices.
© 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
