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Tuesday, 9 May 2017

Oil buckles as concern grows over battle of OPEC vs shale | Reuters

Oil buckles as concern grows over battle of OPEC vs shale | Reuters:

"Oil prices fell on Tuesday, surrendering earlier gains, rattled by concern over slowing demand and the rise in U.S. crude output that has shaken investors' faith in the ability of OPEC to rebalance the market. Brent crude futures LCOc1 were down 39 cents at $48.95 per barrel by 1400 GMT (10 a.m. ET), off an intraday high of $49.72. U.S. West Texas Intermediate futures CLc1 were down 32 cents at $46.11 per barrel, off the day's high of $46.78. Weekly U.S. data on crude production and inventories, plus monthly reports on supply and demand from the Organization of the Petroleum Exporting Countries and the U.S. Energy Information Administration this week, should provide a detailed picture of how quickly global crude inventories are falling."



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