15.07.2016 - Pump It Up: Downward Pressure on Oil Mounts as OPEC Increases Production
Oil prices dropped by roughly 4 percent on Wednesday as OPEC's output hit a record high amid the downward pressure exerted by mounting fuel inventories in the US, suggesting another possible wave of bearishness in the commodity markets. Given the lower-than-expected fuel consumption, which stems from sluggish economic growth throughout the developed economies, the oil glut hasn't been compensated for by managed production cuts, as crude producers are currently inclined to ship at any cost. According to a report by the US Energy Information Administration (EIA), US oil inventories declined less than previously forecast in the second week of July, despite the traditionally busy driving season...............................................Full Article: Source
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