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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