27.08.2015 - Oil Prices Fall on Less Gas Demand, Growing Glut
Oil prices resumed falling after U.S. stockpile data showed a surprise drop in gasoline demand and record supplies of crude oil and petroleum products. The data reaffirmed growing concerns that the global oil market will remain awash in crude through the end of the year. Oil prices have plunged in recent weeks on worries that the global glut of crude that halved oil prices in 2014 has yet to shrink. U.S. crude production remains near multidecade highs, despite large spending cuts by producers, and members of the Organization of the Petroleum Exporting Countries continue to pump at high levels...............................................Full Article: Source
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