empty
 
 

2017.08.1708:10:00UTC+00Crude Oil Drifting Lower By The Day

Crude oil futures continued to fall Thursday amid doubts that OPEC will limit production in accordance with its supply quota plan.

Production from the cartel has risen instead of falling this summer, resulting in a global supply glut that may linger into 2018.

OPEC's noncompliance has offset a likely slowdown in U.S. shale output.

Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell by 8.9 million barrels for the week ended Aug. 11 -- almost triple my forecast for a decline of 3 million barrels.

In the meantime, WTI light sweet crude oil was down 10 cents at $46.67 a barrel

  • 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 $9000 more!
    In May we raffle $9000 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