Oil prices dropped and settled at 2.5 percent due to fears of rising production

On Friday, oil prices dived at approximately 2.5%. Brent crude futures slid for about 2.52% and were traded at $48.06 a barrel ($1.24 lower). The United States West Texas Intermediate crude futures closed at $45.77 a barrel after a drop of $1.15 or 2.45%.

According to Gene McGillian, the head of the market research unit at Tradition Energy, this occurred as investors were expecting a rise in oil exports for July even after OPEC’s pledge to limit supply meant initially to generate stability in global energy markets.

British pound sterling drops to near eight-month low against the euro

The British pound sterling hit a near eight-month low against the euro on Friday. The Sterling lost 0.1% towards 89.76 by 14:39 GMT in spite of having touched a high of 89.91 earlier.

This drop was considered the currency’s worst week since October 2016 and its weakest point since early November of 2016.  Economists explain that the shift in the pound’s value was probably the result of investors’ concerns after the ECB’s chief, Mario Draghi, hinted there could be possible changes in the central bank’s quantitative easing policy. These changes are scheduled to be discussed in the autumn of 2017.

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