- Analytics
- News and Tools
- Market News
- Oil: prices declined amid Greece crisis
Oil: prices declined amid Greece crisis
West Texas Intermediate futures for August delivery dropped to $58.64 (-1.40%). Meanwhile Brent crude for August fell to $62.92 (-1.05%) a barrel. Greece was unable to make its payment to the International Monetary Fund. This default pushed the U.S. dollar up and crude prices down as dollar-denominated oil imports got more expensive.
At the same time crude production rose in both the OPEC and the U.S.. Some analysts believe that OPEC crude oil output advanced to 32.1 million barrels per day vs a target of 30 million bpd. On the whole production by the cartel rose to a three-year high of 31.60 million bpd in June from 31.30 million bpd in May (according to Reuters). In addition to that the U.S. Energy Information Administration reported on Tuesday that the country's crude production rose 9,000 barrels a day to 9.701 million barrels a day in April. Crude inventories rose by 1.9 million barrels in the week to 468.9 million, while they were expected to decline by 2.000 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
