| U. S. oil prices slid Tuesday as Saudi Arabian Oil Minister Ali al-Naimi said that production cuts aren’t forthcoming. An earlier comment by Iran’s oil minister rejecting the suggestion that it would freeze production also weighed on prices.
The global crude market has been oversupplied for more than a year and a half, sending prices plunging to 12-year lows earlier in February. In the U.S., crude stockpiles stand at the highest level in more than 80 years...............................................Full Article: Source
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