Oil stands still on upward revision

August 10, 2016

On Wednesday, crude prices were almost flat during moning Asia trade because traders are discouraged by the upward revision in American crude production outlook. 

Aside from that, market sentiment is weighed by concerns that the approaching gathering among key crude producers might not yield any action to diminish the global oversupply.

In New York, September delivery light, sweet crude futures traded at $42.74 per barrel, down $0.05. At the same time, October delivery crude futures stood still at $44.98 per barrel.

For more than two years, strong crude production by the Organization of the Petroleum Exporting Countries as well as those outside the bloc, including Russia and America, created an overhang, which dragged crude prices to as low as $26 per barrel in February.

Data for recent months revealed that the price collapse definitely caught up with the producers. by the way, after a period of dropping production, the US Energy Information Administration currently expects the trend to reverse, assessing output to average 8.73 million barrels a day in 2016 and approximately 8.31 million barrels a day in 2017. 

Publication source
FBS information  FBS reviews

September 26, 2016
The aftershocks of FOMC
The FED did not raise interest rates last week, as it was anticipated by many market participants. It seems like the FED decided to go with status quo and wait until a new American president is elected. We are waiting for a rate hike to take a place in December as it would be logical and a well justified thing to happen...
September 26, 2016
The week ahead: Focus shifts from central banks to politics
Monday’s US presidential debate will probably break a new record, not in the S&P 500, but the number of viewers which according to media analyst could reach over 100 million Americans, surpassing Carter-Reagan debate in 1980 which attracted 80.6 million viewers...
September 23, 2016
Risk rating
The market is in need of a new narrative. The Fed meeting in December is too far off and for now, the US election is not something that entices excitement. With central banks on hold, markets are pushing the envelope in terms of risk...

Vantage FX Rating
XM Rating
FXTM Rating
OANDA Rating
FOREX.com Rating
Grand Capital Rating

EZTrader Rating
TopOption Rating
OptionFair Rating
OptionBit Rating
Binary Brokerz Rating
Porter Finance Rating