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Monday, 18 June 07:43 (GMT -05:00)



Stock and commodities markets

October Starts With Crude Oil Downtrend


Friday’s trading session made crude oil go in the red zone. According to Masterforex-V Academy experts, the USA started increasing the production and export of crude oil, and the international trading community has been concerned about that ever since, which is, by the way, is believed to be the key reason for this price drop.
 

 

 

 

According to MarketWatch, both Brent and WTI were going down in value on Friday, driven by the mentioned concerns. However, there are market rumors that the OPEC and some of their non-OPEC fellows are going to extend the Vienna Accord to cap their oil production in order to prevent oil prices from crashing.
 
ICE Brent futures (London) lost 0,11% or $0,06 and dropped down to $56,94/b. A day before, the futures gained 2,15% or $1,2 and reached $57/b. WTI futures for November delivery also lost 0,16% or $0,08 and moved down to $50,71/b. A day before, the futures gained 1,62% or $0,81 and reached $50,79/b.
 

 

NordFX experts report that this is the first weekly drop since early September 2017.

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Americans Produce More Oil
 
According to Wednesday’s report published by the U.S. Department of Energy, the domestic production of crude oil grew by 14K barrels a day and reached 9,561 million barrels a day. At the same time, the U.S. export of crude oil increased by as much as 31% all the way up to 1,98 billion barrels a day while the daily import shrank by 231K barrels. To be more specific, the aggregate export of crude oil and oil products grew by more than 1 million barrels a day and reached a new record at 7,02 million barrels a day.
 
Not so long ago, the leaders of Russia and Saudi Arabia met to discuss cooperation. They are reported to have backed the idea of further and tighter cooperation in the OPEC+ format.
 

 

Another major factor to consider in the near future is the weather. A tropical storm is about to hit the U.S. coast. ExxonMobil and Chevron are suspending the work at some of their oil rigs, which will affect the production of crude oil.

 

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American Oil Export to Europe Quadruples Thanks to OPEC+

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Publication date: 26 April 05:26 AM

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US-China Trade War Drops Oil Prices

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