Crude Oil Prices Fall During The Wednesday Morning Session
Commodities traders at companies such as ForexYard saw Crude Oil Prices Fall During The Wednesday Morning Session with the price per barrel falling by nearly $1. Traders also saw the price of base metals and also the price of sugar struggling to make headway.
US crude oil stocks rose for an eighth week in succession, climbing to approximately 1.5 million barrels, according to a poll of market analysts conducted by Reuters. However, the US’ distillate stocks, which include heating oil, are estimated to have fallen by around 1 million barrels last week. America’s petrol stocks also fell by 1.3 million barrels.
Sugar prices in the US remained under pressure after their recent pounding as buyers remained in the hesitant, waiting on the sidelines for the market to stabilise following session after session of heavy selling seen in recent days. Raw sugar rose 1.1% to 16.75 cents a pound on Tuesday but white sugar remained below the $500-a-tonne figure.
The current strength displayed by the US dollar has led to a recent decline in the value of Gold. Commodities traders at ForexYard saw Gold fall in value to below the $1,100 a troy ounce, with it trading at $1,096 after ending Tuesday’s session in New York at $1,102.15.
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