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Oil ETFs slump on bearish EIA petroleum report

Posted on 11 October 2013

After a strong summer, oil prices have been under a lot more pressure lately. Prices for the important commodity have retreated in weeks past, and now WTI crude is barely hanging on to the $101/bbl. mark, after hitting as high as $111 in August.
The reasons for this slide come down to the sluggish trading in oil following the declining worries over a Syrian conflict, and a huge supply of the commodity in the U.S. In fact, over the past few weeks, crude oil inventories have been on the upswing, putting extra pressure on prices for oil……………………………………….Full Article: Source


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VRS - who has written 38538 posts on Opalesque Commodities Briefing.


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