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Oil supply plunges amid losses in US equities 2017-08-11

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rocky
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Oil supply plunges amid losses in US equities 2017-08-11

Post by rocky on Sat 12 Aug 2017, 1:51 am

Oil supply plunges amid losses in US equities

2017-08-11 at 10:54 (Baghdad time)

Baghdad / Mawazine News
Oil prices have fallen more than 1.5 percent as concerns over the global crude supply surged and US stocks lost concern about slowing demand.
The settlement price for US crude was set at 97 cents, or 1.96 percent, at $ 48.59 a barrel.
Brent crude futures were down 80 cents, or 1.52 percent, at $ 51.90.
US stocks fell sharply today, with Dow and Nasdaq downing hundreds of points as investors fear rising tensions between the United States and North Korea.
Phil Flynn, an analyst at PricewaterhouseCoopers in Chicago, said the decline in the US stock market had led to weak performance in the oil market.
On the supply front, a representative of Russian gas company Gazprom said the company sees "economic feasibility" of resuming production in old fields after the expiry of the global agreement between OPEC and non-member countries.


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