empty
 
 

2019.06.0409:11:00UTC+00Crude Oil Futures Extend Losses

Crude oil prices are lower Tuesday morning, extending recent losses, amid concerns that energy demand may see a notable drop due to global economic slowdown.

However, the downside is not significantly pronounced as traders expect Saudi Arabia and major OPEC members will strike a consensus with regard to extending supply cuts.

West Texas Intermediate Crude oil futures for July are declining $0.32, or 0.6%, at $52.93 a barrel.

Brent crude oil futures for August delivery are lower by $0.62, or 1.01%, at $60.74 a barrel.

The OPEC members are likely to meet early next month to decide whether to extend supply cuts beyond this month.

On Monday, Saudi Energy Minister Khalid al-Falih said that a consensus was emerging among producers to continue working "to sustain market stability" in the second-half of the year.

Meanwhile, traders look ahead to weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).

While the API is scheduled to release its weekly oil report later today, the EIA's data will be out on Wednesday morning.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback