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Brent crude drops below $100 as OPEC maintains production target

Posted on 03 June 2013

Brent crude dropped below $100 a barrel for the first time in a month and WTI declined amid speculation that stockpiles will climb after OPEC kept its production target unchanged.
Brent, used to price more than half the world’s oil, fell as much as 0.6 percent while West Texas Intermediate slid 0.8 percent. The Organization of Petroleum Exporting Countries maintained its output ceiling of 30 million barrels a day at a meeting in Vienna on May 31. Crude inventories in the U.S., the world’s biggest consumer of the commodity, increased to 398 million barrels in the week ended May 24, the most since at least 1931, a government report showed May 30………………………………………..Full Article: Source


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