Crude prices turn into sideways trading
2017-04-20 17:54:36 GMT (Economies.com)
Crude prices turn into sideways trading

Crude prices stopped falling on Thursday, turning into sideways trading after plumbing a one-week low yesterday, as markets attempt to balance rising U.S. production with bullish statements from OPEC members. 

 

U.S. crude futures last traded at $50.73 a barrel, compared to the opening of $50.63, with an intraday high at $51.36, and a low at $50.56. 

 

Crude prices moved into a wavering state today after U.S. crude storage drawdown shrank last week, indicating continued strength for U.S. shale production activities. 

 

On the other hand, statements came from both Saudi Arabia and Kuwait pointing to higher chances for extended production cuts by the Organization of Petroleum Exporting Countries (OPEC) in cooperation with other producers like Russia in the next scheduled meeting on 8 May. 

 

Conflicting factors and political uncertainty in Syria and North Korea in relation to the U.S. forced crude prices to waver in the end. 

 
 
 
  Symbol Last Change Chg.%
1.1815
-0.0003
0.0288%
1.3187
-0.0113
0.8481%
17.204
-0.193
1.109%
51.185
-0.190
0.370%
57.02
-0.26
0.45%
1284.085
-19.340
1.484%
 
Live Forex Updates