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6/14, 6:12 PM (Source: TeleTrader.com)
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Oil trades lower on fears of output increase

Crude prices traded in the red on Thursday as investment incentives were lower as market watchers continued to fear the increase of oil output ahead of the OPEC and non-OPEC meeting. The major oil exporters are set to meet in Vienna on June 22 to discuss whether to abandon production caps of up to 1.8 million barrels per day.

Meanwhile, investors were also worried about the rising volumes of the American production despite the better-than-expected EIA report published on Wednesday. The United States output has increased more than 30% since 2016 with America threatening to become the biggest oil producing nation if it surpasses the current world leader Russia.

West Texas Intermediate for July delivery was slightly lower, down 0.14%, changing hands for $66.58 per barrel at 5:58 pm CET while international benchmark Brent for settlements in August declined 0.93% to trade for $76.04 per barrel at 5:59 pm CET.

Breaking the News / VK