| OPEC production figures reinforce concerns oversupply fundamentals still gripping the market. U.S. and global oil prices fell sharply Monday after data showed rising oil stockpiles in the U.S. and increased production from the Organization of the Petroleum Exporting Countries.
Analysts and brokers said the three-month, 70% rally in oil prices appeared to be losing steam, with speculative bets hitting their highest levels in a year even as supply-and-demand conditions have yet to show substantial improvement...............................................Full Article: Source
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