Oil prices ended Tuesday’s session in higher positions, lifted by the expectations that the U.S. government data would indicate a decline in crude supply for an eighth-consecutive week.
Reports point that the OPEC production compliance with the agreed production cuts has fallen to 94% in July, which is a 4% drop compared to June with a compliance rating of 98%.
September contracts for West Texas Intermediate Crude Oil were up by 27 cents, or 0.6% closing at $47.64 per barrel in the New York Mercantile Exchange. Futures contracts for October advanced 30 cents, or 0.6% ending the session at 447.83 per barrel.
Brent crude futures were up by 21 cents, or 0.4% and were traded at $51/87 per barrel on the ICE Futures Europe exchange.
The Dollar maintained its gains against the other major currencies as investors were waiting for the Central Bankers’ summit that would end this week.
The results of the said meeting will be closely watched for policy signals from two of the world’s most powerful central banks.
The Yen and Swiss Franc traded went lower while the USD/JPY pair climbed by 0.36% closing at 109.35. The USD/CHF went higher by 0.38% to trade at 0.9655.
EUR/USD tumbled by 0.47% to trade at 1.1760, while GBP/USD dropped by 0.61% to 1.2823. Meanwhile the USD/CAD slipped by 0.16% to trade at a three-week low of 1.2538 after reports showed that Canada’s retail sales had failed to meet expectations.