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Oil continues to decline amid fears of an increase in the supply

2017-08-17 01:19 pm | Resource: NEWS | No Views : 315

Crude oil continued to decline in Thursday's trading, amid doubts that OPEC could limit production in line with a production cut-off plan agreed by FAO members and outside the Organization.

Brent crude fell 0.34% to reach $ 50.12 a barrel, its lowest price in a month. Light oil fell 0.36% to hit 46.60, down 10 cents a barrel.
These declines are due to the rise in global production rather than the decline this summer, leading to an oversupply of global supply that may continue in 2018, while on the other hand we are witnessing a slowdown in the production of shale oil in the United States.
Domestic energy imports fell by 8.9 million barrels in the week ending August 11, nearly three times the analysts' forecasts, which were expected to drop only 3 million barrels, data from the US Energy Information Administration showed on Wednesday.
Despite a drop in US oil inventories yesterday, traders did not care about it and took the price down, bringing Brent to its lowest level in a month.

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(CURDE OIL - WTI ) We offer you oil analysis denominated by US dollar on Wednesday, April 17, 2019, with the most important forecast for the price of oil denominated by US dollars in the market. Time frame Used - four hours Oil is moving in a sideway direction in the near term. The purchasing power managed to push oil higher to close at the end of trading today, rising…

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