MTECHTIPS:-WTI crude settles below $50, as Iran review and supply concerns weigh
WTI crude fell to fresh four-month lows on Thursday settling below $50 a barrel, as concerns related to the Iranian Nuclear Pact and a glut of oversupply in energy markets worldwide remained in focus. On the New York Mercantile Exchange, WTI crude for September delivery traded between $48.22 and $49.62 before settling at $48.42 a barrel, down 0.73 or 1.49%. At one point, Texas Long Sweet futures plunged to its lowest level since April 2. U.S. crude future have closed lower on six of the last seven trading sessions, losing approximately 10% of its value since July 15. On the Intercontinental Exchange (ICE), brent crude for September delivery wavered between $55.12 and $56.52 before closing at $55.24 a barrel, down 0.89 or 1.57%. Over the last month, brent futures have fallen in value by roughly 13%. Meanwhile, the spread between the international and U.S. benchmarks of crude stood at 6.82, just above Wednesday’s level of 6.81 at the close of trading. Traders continued to digest a surprising inventory build last week. In its weekly Petroleum Status Report on Wednesday, the U.S. Energy Information Administration (EIA) said U.S. crude inventories rose by 2.5 million barrels for the week ending on July 17. Analysts expected a draw of 2.2 million barrels on the week. Crude inventories nationwide are now at 463.9 million barrels the highest level at this time of year in at least 80 years. At the Cushing Oil Hub in Oklahoma, the main delivery point for NYMEX oil, its crude inventory increased by 813,000 last week, above expectations for a 300,000 build.
“A business is successful to the extent that it provides a product or service that contributes to happiness in all of its forms.” "To provide best value for money to clients through personalized service, innovative products, best trading and investment strategies and state-of-the-art technologies. We at Mtech tips believe that 'Our services combined with our clients trust will lead to a prosperous Mtech tips family'".
We are entirely client centric, with a clear focus on providing long term value addition to clients, while maintaining the highest standards of excellence, ethics and professionalism. We are committed for:
• Integrity and transparency in all Services.
• Providing investment solutions based on quality and unbiased research.
• Providing personalized services to all Subscriber and business associates.
• Achieving success through client’s growth.
Latest posts by MTECHTIPS (see all)
- MTECHTIPS;-Silver to trade in 41190-42350 range: Achievers Equities - February 1, 2017
- MTECHTIPS-Apply For 2 Days Free Equity & Commoditytrial tips - February 1, 2017
- MTECHTIPS:- Bank Nifty FEB Future: - February 1, 2017