Weekly Fundamentals – Oil Prices Slumped as World Production Remains Ample

Posted June 3rd, 2017 by PrestonBender and filed in General News

Crude oil plunged last week, extending the second week of week following the OPEC/ non-OPEC meeting. The market was concerned that the effect of the extension of output cut deal would be offset by US’ increase in investment and the ramp-up of production by OPEC members that are exempted from the cut. The front-month WTI crude oil contract fell -4.3% while the Brent contract was down -4.22% for the week.

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Weekly Fundamentals – Oil Prices Slumped as World Production Remains Ample

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