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    Home > Chemicals Industry > Chemical Technology > Oversupply fears dragged oil prices to close down to near eight-week lows on Monday

    Oversupply fears dragged oil prices to close down to near eight-week lows on Monday

    • Last Update: 2022-11-24
    • Source: Internet
    • Author: User
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    Oil prices closed at their lowest level since early April on Monday, according to Dow Jones on June 5, as traders expected rising domestic and global crude supplies
    .

    Light sweet crude futures for July delivery on the New York Mercantile Exchange settled down 1.
    6 percent at $64.
    75 a barrel
    .
    Brent crude futures, the global benchmark on the Intercontinental Exchange in London, settled down 2 percent at $75.
    29 a barrel
    .

    Oil prices have retreated from multi-year highs in May as traders bet that global production cuts that helped curb overproduction will end
    .
    OPEC's de facto leaders, Saudi Arabia and Russia, will reach an agreement
    to increase production after more than a year of curbing output.
    Analysts said that could drive a round of action
    to boost production.

    Oil prices closed at their lowest level since early April on Monday, according to Dow Jones on June 5, as traders expected rising domestic and global crude supplies
    .

    Oil prices

    Light sweet crude futures for July delivery on the New York Mercantile Exchange settled down 1.
    6 percent at $64.
    75 a barrel
    .
    Brent crude futures, the global benchmark on the Intercontinental Exchange in London, settled down 2 percent at $75.
    29 a barrel
    .

    Oil prices have retreated from multi-year highs in May as traders bet that global production cuts that helped curb overproduction will end
    .
    OPEC's de facto leaders, Saudi Arabia and Russia, will reach an agreement
    to increase production after more than a year of curbing output.
    Analysts said that could drive a round of action
    to boost production.

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