Heroes of Ukraine

«Market Leader» - news and previews making you rich.

Monday, 22 May 09:24 (GMT -05:00)



Stock and commodities markets

Brent Oil Drops Below $50/b For The First Time Since November 2016


Today, on March 22, the price of one barrel of Brent oil dropped below $50 for the first time since November 2016. The thing is that crude oil prices crashed almost instantly after another weekly report indicated an increase in U.S. crude oil inventories, Market Leader reports.

 

 

 

 

 

To be more specific, ICE Futures traded in London dropped in price by 1,01 dollars or 1,98% at a time to drop below the $50/b threshold all the way down to $49,95 per barrel. This is the first time, the price has dropped below this psychological level since November 30, 2016. 

As for WTI futures traded on NYMEX in New York, they dropped in price by 0,95 dollars or 1,97% all the way down to $47,29/b.
 

 

Once again, the price plunged at the same time, shortly after the U.S. Department of Energy reported about a considerable increase in the local crude oil inventories. This was an increase by 5 million barrels. To be more specific, the increase turned out to be almost twice as big as expected by international experts, which is why the market reacted this way. The current U.S. crude oil inventories are estimated at 533,1 million barrels. 

Apparently, the oil price crash also affected the national currencies of the world’s major oil producers. For instance, the Russian ruble devalued against USD by 0,52RUB down to 58,22RUB per 1USD.

 

You are free to discuss this article here:   forum for traders and investors

 

Add to blog
Got a question? – Ask it here »
 

Don't Anticipate Oil Price Crash, Experts Say

The difficulties with tax reforms in the USA and Saudi Arabia’s stance are expected to support commodity prices, some experts believe. As you know, oil prices have been going down for the last couple of weeks. They even reached the level that used to be prior to the so-called Vienna Accord.

 

 
Publication date: 12 May 12:24 AM

Brent Oil Price May Drop Below $40/B in June

Oil prices have been following a bearish trend over the last few days. International experts believe that if the OPEC doesn’t extend the so-called Vienna Accord, the prices are likely to drop below 40 dollars per barrel in a matter of weeks, if not days.

 

 
Publication date: 11 May 03:53 AM

Brent Oil Prices May Reach $65/b in Q4 2017, Citigroup Predicts

Despite the fact that American oil producers have become more active, the average price of Brent oil has all chances to reach 65 dollars per barrel in the last quarter of 2017, Citigroup experts predict.

 

 
According to the experts, the recent OPEC deal (aimed at reducing oil production and supported by several non-OPEC producers) may well be extended and therefore may become the very factor backing oil prices despite the increasing shale oil production in the United States.
Publication date: 27 April 09:39 AM

Unfavorable Prospects of Russian Oil Production

Despite a range of negative conditions, the Russian oil industry increased its oil production all the way up to another record in 2016. Still, a lot of experts assume that this tendency is likely to reverse in the near future. If that’s the case, the oil production volume in Russia will start dropping.

Publication date: 05 April 08:35 AM

Pro-Kremlin Politicians Keep On Failing In Europe

The Kremlin’s optimism seems to be fading away. The thing is that the amount of pro-Russian politicians in Europe capable of influencing the European politics is shrinking slowly but surely.

Publication date: 05 April 03:11 AM

WTI Oil Prices Drop Below $50/b

The cost of the WTI crude oil produced in the United States has dropped below the threshold of 50 dollars per barrel. This is reported to be the lowest price level since December 2016. Strange as it may seem, all of that happened despite the attempts made by the world’s leading oil producers to cut their oil production according to the so-called Vienna Accord aimed at restoring the market balance and push oil prices higher.
 
Publication date: 11 March 03:32 AM

OPEC Doesn't Like Russia's Pace of Oil Production Cut

As expected by international experts, the ambitious plan of cutting oil production by OPEC and other oil producers led by Russia are seeing some difficulties during the implementation phase. The OPEC is indicating slower-than-expected oil production cuts in 4 non-OPEC countries participating in the agreement.

 

 

 

Publication date: 19 February 08:29 PM

Mexico & US Cotton Trade Post-NAFTA - Dukascopy TV

2017 is a good year for Cotton farmers.

Louis Rose, President of Risk Analytics

Publication date: 15 February 03:29 AM

«A Trump Weak USD Good For Gold» - Dukascopy TV

Have fundamental drivers for gold changes since Donald Trump gained presidency?

Alasdair Macleod, Gold Money

Publication date: 15 February 03:25 AM

A Macro Insight to Moving Crude Prices - Dukascopy TV

Will Shell producers keep pumping oil?

Chris Kairinos, Rand Merchant Bank

Publication date: 15 February 03:22 AM