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7/4, 8:29 AM (Source: TeleTrader)
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Oil trades lower under pressure from US supply

Oil prices were lower on Thursday on the back of smaller-than-expected declines in United States crude stockpiles. Bearish data from the US Energy Information Administration (EIA) revealed inventories fell by 1.1 million barrels in the last week of June sparking more oversupply worries.

Meanwhile, the extension of the OPEC+ production cuts failed to counter demand woes as well. Weak US economic data added to fears of a global economic slowdown following slumps in manufacturing reports from China, the United States, and Europe.

Brent futures for September deliveries fell 1.11% at 2:18 am ET to go for $63.08 per barrel, while West Texas Intermediate futures for the same month lost 1.17% to $56.75 a barrel at the same time.

Breaking the News / JC