Crude oil prices dip slightly

Crude oil prices dip slightly

U.S. President Donald Trump threatened to pull out of a 2015 worldwide nuclear deal with Tehran under which Iranian oil exports have risen.

OIL held near $63 a barrel after U.S. crude stockpiles declined and trade tensions between the United States and China showed tentative signs of easing.

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, of the week ending March 30, decreased by 4.6 million barrels from the previous week.

Brent hovered near this year's high of $71.28 a barrel, as investors monitored the success of the Organization of the Petroleum Exporting Countries' coordinated production cuts to drain a buildup of global stocks, along with the outlook for supplies from the USA, where improvements in technologies and efficiency have aided the shale energy boom.

But prices rebounded after USA crude inventories fell by 4.6 million barrels last week, compared with analysts' expectations for an increase of 246,000 barrels, according to Energy Information Administration data.

The price of oil has been stuck between the rise in US shale and a deal from the Organization of the Petroleum Exporting Countries' and Russian Federation to curb production and end a global supply glut.

Brent hit a session low of $66.69 and USA crude slumped as low as $62.06.

News reports that the Iraqi government has approved plans to increase the country's oil production capacity to 6.5 million barrels a day by 2022, from around 5 million barrels a day in 2019, were consistent with expectations that the country would continue to expand its output. That was the lowest level since March 21. Natural gas futures rose 0.82% to $2.697 per million British thermal units. "We are seeing very strong demand for oil around the globe". Silver was on track to post a quarterly loss of 3.7pc after two quarters of modest gains.

The World Gold Council and the International Islamic Financial Market are working closely to develop and promote standardised product and transaction documentation in respect of Shari'ah-compliant gold products. The exchange traded fund has net assets and 0.49% volatility this month. This year's performance is 21.29% while this quarter's performance is -8.71%. Similarly, although central banks continued to add to reserves, purchasing 371t in 2017, buying was down 5pc year-on- year.

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