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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Oil prices are recovering after the decline

September, 06 2021
watermark Economic news

Oil prices slowed decline on Monday, prompted by news that Saudi Aramco cut its October selling price for oil for buyers from the rest of Asia. This was a wake-up call for future fuel demand.


Futures for Brent crude oil fell to $71.54 per barrel, WTI fell to $68.30 per barrel. However, during the day, quotations recovered to $72.67 and $69.36 per barrel, respectively.


Saudi Aramco, the state oil corporation of Saudi Arabia, announced on Sunday that the selling prices for all grades of oil for October delivery to Asian customers were reduced by at least $ 1 per barrel. Asian refineries were expecting a smaller decline in prices. 


This decision came a few days after OPEC + announced the continuation of the increase in oil production by 400 thousand barrels per day per month.


Meanwhile, in the afternoon, the market was supported by data from Baker Hughes that US energy companies cut the number of operating oil and gas rigs for the first time in five weeks due to Hurricane Ida.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.