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Sunday, 9 July 2017

No recovery in sight for oil prices as pressures mount | GulfNews.com

No recovery in sight for oil prices as pressures mount | GulfNews.com:

"The oversupply in the oil market seems to be getting worse, with no signs of recovery in prices. The US rig counts rose to the highest level since April 2015 even as Opec exports hit a two year high, exacerbating concerns over oversupply and hitting prices hard. On Friday, Brent crude fell 2.91 per cent to close at $46.71 per barrel, after falling to $46.28, its lowest in more than a week. The West Texas Intermediate closed 2.83 per cent lower at $44.23 per barrel. Both the benchmarks marked the sixth weekly decline in the past seven weeks."



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