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Oil Drops 2% After Supply Concerns Remain

2024-06-22OANDAOANDA
Crude oil prices fell 2 percent on Monday as supply overhang concerns grew after a Saudi-Venezuela meeting on Sunday showed few signs of coordination to boost prices. Global benchmark Brent futures were down 59 cents at $33.47 at 12:08 p.m. (1708 GMT). U.S. crude futures fell by 71 cents to $30.18. “With the possibility of […]

Crude oil prices fell 2 percent on Monday as supply overhang concerns grew after a Saudi-Venezuela meeting on Sunday showed few signs of coordination to boost prices.
Global benchmark Brent futures were down 59 cents at $33.47 at 12:08 p.m. (1708 GMT). U.S. crude futures fell by 71 cents to $30.18.

“With the possibility of a production cutting deal quickly fading into the sunset, market participants are once again left to focus on the reality of the oversupplied global market,” Energy Management Institute analyst Dominick Chirichella wrote in a note.

Weekly U.S. crude and gasoline inventories hit record highs, data from the Energy Information Administration (EIA) showed last week. The latest weekly stock data is expected to be released on Wednesday.

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