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Forex News from New Forex: Oil tumbles after yesterday’s high

In the trading on Thursday, June 30, oil prices decline, market participants fix profit after yesterday’s high. The raw material gained support amid some weakening of concerns over Brexit.

Crude oil with the delivery in August slid 0.98% to $49.39 a barrel, on Wednesday it rose 4.24%,a high since April. Brent oil fell 0.77% to $50.22 a barrel, yesterday black gold added 4.18%.

US oil stocks declined by 4.1 mln barrels to 526.6 mln last week. Market participants expected a descend by 2.4 mln. barrels. The reduction of oil stocks has been observed for six weeks in a row.

An additional factor influencing on the fall of oil prices was the renewal of oil output in Nigeria. In Norway oil companies and trade unions started today 2-day negotiations over the wage increase hoping to avoid strikes which might lead to the decrease of oil and gas output by 12% in the country.

NewForex Analyst

David Fineberg

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