Oil drops to 10-month low; biggest first-half slide in 20 years | Reuters

Oil drops to 10-month low; biggest first-half slide in 20 years | Reuters:

"Oil prices ended down more than 2 percent on Wednesday after hitting a 10-month low in volatile trade, as growing U.S. production and reduced Chinese refinery activity fed mounting concern over the stubborn global crude glut.

U.S. crude futures CLc1 settled at $42.53, down 98 cents or 2.3 percent, after touching a low of $42.13, the lowest intraday level since August 2016. Since peaking in late February, crude has dropped more than 20 percent, with only brief rallies.

More than 1 million front-month crude contracts changed hands on Wednesday, far exceeding the daily average of 560,000 contracts."



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