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Thursday, 22 June 2017

Too Much Oil Anchors Crude in Bear Market as U.S. Output Swells - Bloomberg

Too Much Oil Anchors Crude in Bear Market as U.S. Output Swells - Bloomberg:

"Oil held its slide into a bear market amid speculation rising U.S. output will blunt OPEC-led efforts to trim a global glut.

Futures were little changed in New York after sinking below $43 a barrel. U.S. oil production increased to the highest since August 2015, according to a report from the Energy Information Administration. Crude and gasoline stockpiles declined last week. Brent in London closed Wednesday more than 20 percent below its January peak, also entering a bear market."



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