Weakened Oil Market Data Release Approaching Baker Hughes
Friday, June 12th, 2015
The exchange value of the dollar turned lower after US economic data was not able to give a boost to strengthen oil prices. Crude oil is denominated in US Dollar will typically get a boost in the strengthening of the exchange rate decline in the Greenback. Dollar exchange rate lower would make crude cheaper for holders of other currencies.
Crude oil markets worried about a potential flood of global crude oil supplies were already abundant. Saudi Arabia to discuss will provide additional supplies of crude oil with its Indian consumers and this means that exporters of the Middle East will add a record production in the month of May to reach 10.3 million barrels per day. Replenishment of inventory in the market has reached a saturation point may depress the price of crude oil is now only 45% of the highest price achieved a year ago.
Investors are increasingly nervous about approaching the release of the data the US drilling activity of the company Baker Hughes. Data weekly number of active rigs in the US is expected to provide clues amount of crude inventories further. Now the number of active rigs in the US are in the lows level since August 2016 and up to the last week the number of active rigs declined for 26 consecutive weeks.
Until at 22:42 pm, the price of crude oil was at $ 59.91 a barrel approaching daily lows $ 59.71, with daily highs $ 60.60
Friday, June 12th, 2015
The exchange value of the dollar turned lower after US economic data was not able to give a boost to strengthen oil prices. Crude oil is denominated in US Dollar will typically get a boost in the strengthening of the exchange rate decline in the Greenback. Dollar exchange rate lower would make crude cheaper for holders of other currencies.
Crude oil markets worried about a potential flood of global crude oil supplies were already abundant. Saudi Arabia to discuss will provide additional supplies of crude oil with its Indian consumers and this means that exporters of the Middle East will add a record production in the month of May to reach 10.3 million barrels per day. Replenishment of inventory in the market has reached a saturation point may depress the price of crude oil is now only 45% of the highest price achieved a year ago.
Investors are increasingly nervous about approaching the release of the data the US drilling activity of the company Baker Hughes. Data weekly number of active rigs in the US is expected to provide clues amount of crude inventories further. Now the number of active rigs in the US are in the lows level since August 2016 and up to the last week the number of active rigs declined for 26 consecutive weeks.
Until at 22:42 pm, the price of crude oil was at $ 59.91 a barrel approaching daily lows $ 59.71, with daily highs $ 60.60
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