World Oil Prices In Asian Trade.
Oil prices vary in Asian trade on Thursday, with WTI stuck below 50 u.s. dollars a barrel after a rise in U.S. stocks add to global oversupply worries, analysts said. Us Department of energy on Wednesday said commercial crude oil inventories of the country rose 1.5 million barrels in the last week, while supplies are supervised strictly in Cushing, Oklahoma, rose 800,000 barrels.
The report also showed U.S. production remained at a level close to record highs of around 9.6 million barrels per day, bad news for a market already awash with crude oil from the Organization of petroleum exporting countries (OPEC). In afternoon trading in Asia, the benchmark us light sweet crude or West Texas Intermediate (WTI) for September delivery rose seven cents to 49.26 dollars after on Wednesday closed below 50 dollars a barrel for the first time since April.
Brent crude for September delivery was down eight cents to 56,05 u.s. dollars per barrel.
"U.S. Inventories increased more than expected ... which worsened the oversupply problem, especially when it is the Saudi pumping at record levels of production," said Bernard Aw, market strategist at IG Markets Singapore. "OPEC is producing 32.1 million barrels a day in June, with the biggest increase coming from Iraq and Saudi Arabia. This is the 2.1 million larger than what the Organization has to say will be maintained, "said Aw in a market commentary.
A strong u.s. currency also put further pressure on oil. With dihargakan in dollars, commodities become more expensive for holders of weaker currencies, thereby reducing demand. https://www.mql5.com/en/signals/120434#!tab=history
