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6/19, 11:16 AM (Source: TeleTrader.com)
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Oil lower as oversupply worries impact prices

Oil prices fell on Monday as oversupply worries continue to hinder the Organization of Petroleum Exporting Countries’ efforts at curbing crude overabundance. Earlier, Saudi Arabia’s energy minister Khalid al-Falih said that the global oil market is heading in the right direction, adding that OPEC cuts are yet to show effect. Expansion in drilling in the United States has been contributing to the high global supplies, as the country reported the number of oil rigs increased for the 22 consecutive week last Friday.

West Texas Intermediate for July delivery shed 0.33%, going for $44.84 per barrel at 11:13 am CET, while Brent for August settlements lost 0.27% at the same time, changing hands for $47.52 per barrel.

TeleTrader Newsroom / JC