Pessimistic oil demand outlook triggered another round of crude selloff. The front-month contract for WTI crude oil broke below US$60/bbl for the first time since 2009 and ended the week -12% lower. The Brent crude contract also slumped more than -10%. Following the OPEC’s monthly report which downgraded the global oil demand outlook, the Paris based IEA also cut its forecast.
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Weekly Fundamentals – WTI Crude Broke Below US$60/bbl as Agencies Downgraded Demand Outlook
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