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Oil falls on oversupply concerns

By Jeff Davies

Prices of oil futures fell on Thursday with West Texas Intermediate dropping below $60 and hitting the lowest level since October last year. Markets were concerned about oversupply and the ability of the upcoming OPEC+ meeting to curb production. Saudi Arabia’s Oil Minister Khalid Al-Falih stated earlier that his country cannot and will not cut oil production by itself, but only as part of a group.

Yesterday, the US Energy Information Administration reported a rise of 3.6 million barrels in stockpiles of crude.

WTI deliveries for January went down by 1.11%, changing hands for $49.73 per barrel at 09:04 am GMT. At the same time, prices of Brent futures for the same month declined by 1.38% to $57.8 per barrel.

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