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Oil prices drop amid global trade fears and rising US production

  • Regular
  • Economy
  • 5 months ago
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Oil prices dropped by 1% as the U.S. continues to up its drilling activity along with current trade tensions between Washington and Beijing.

U.S. energy firms announced announced an increase in oil rigs operating for the third week running, also to take in consideration the recent incident of an Illinois based refinery being on fire, prompting a shutdown which may just weigh on prices.

On that note, WTI futures dropped by 1.2% at $52.09 per barrel while Brent crude oil futures were lower by 0.8% at $61.61 per barrel.

 

 

Source: Smart Trend Team