West Texas Intermediate futures for August delivery dropped sharply to $52.69 (-7.45%); Brent crude climbed to $56.96 (+0.74%) after yesterday's drop. Both crudes declined to their lowest levels since mid-April. Massive declines in oil prices were caused by the result of Greek referendum, which showed that the majority of Greece's citizens rejected lenders' austerity terms and generated more concerns over the country's membership in the euro zone. This led to declines in the single currency against the dollar. A strong dollar tends to pressure oil as it makes imports more expensive for holders of other currencies. The recent rise in U.S. drilling rigs and a potential increase in supplies from Iran put extra pressure on oil.
© 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.