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Oil Lower On Supply Concerns as Saudi Worries Ease


Tuesday, 16 October 2018 19:36 WIB

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Oil futures lost ground Tuesday on expectations for rising U.S. inventories and doubts that tensions between the U.S. and Saudi Arabia over the disappearance of a Saudi journalist will result in the kingdom curtailing supplies.

West Texas Intermediate crude for November delivery on the New York Mercantile Exchange fell 53 cents, or 0.7%, to $71.25 a barrel, while December Brent crude was off 62 cents, or 0.7%, at $80.17 a barrel on ICE Europe.

Crude rallied early Monday on tough rhetoric from President Donald Trump on the consequences should the Saudi government be found to have been involved in the disappearance of the journalist, Jamal Khashoggi from the Saudi consulate in Istanbul, as well as implied threats from Riyadh over the consequences for oil markets should the U.S. impose sanctions.

Source : Market Watch


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