Oil Drops by Nearly 3%, With U.S. Prices at Lowest in a Month
Friday, 19 July 2019 02:33 WIB | ENERGY |Minyak WTIOil,Crude Oil

Oil futures dropped by nearly 3% on Thursday, sending U.S. prices to their lowest finish in roughly a month. Prices reversed earlier gains, "reacting to the weakness in U.S. equities and over expectations of a production rise from the U.S. Gulf of Mexico region, coming back into service after last week's Hurricane Barry disrupted production," said Mihir Kapadia, chief executive officer of Sun Global Investments.

August West Texas Intermediate oil lost $1.48, or 2.6%, to settle at $55.30 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since June 19, according to FactSet data.

Source : Marketwatch

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