Oil falls as evidence points to rising global supply

9 Jul by

Oil falls as evidence points to rising global supply

Oil falls as evidence points to rising global supply

Oil fell on Monday, adding to heavy losses at the end of last week due to rising drilling activity in the United States and no let-up in supply growth from both OPEC and non-OPEC exporters. Prices dropped even as OPEC signaled it may widen its production caps to include Nigeria and Libya, whose output has recovered in recent months after being curtailed by years of unrest. The Organization of the Petroleum Exporting Countries has agreed with some non-OPEC members to curtail production until March 2018 but the move has failed to eliminate a global glut of crude.

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Source:: https://finance.yahoo.com/news/oil-recovers-losses-market-still-under-pressure-020553706–finance.html

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