23.09.2015 - Global economic jitters fuel oil price drop
Oil prices lost hold of Monday's gains as global economic jitters and supply glut fears eclipsed production cutbacks. Crude had staged a fightback yesterday as figures showing a cut in the number of US drilling rigs allayed fears about a global supply glut. But on Tuesday, prices were back under pressure in the face of uncertainty about the outlook for the Chinese economy ahead of data tomorrow. Confusion about the future direction of US interest rates and the strength of the US economy weighed on prices. CMC Markets chief market analyst Michael Hewson also pointed out the risk of oversupply as Iran re-enters the market...............................................Full Article: Source
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