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Oil Futures End Lower, With U.S. Prices Down By Nearly 6%


Thursday, 25 June 2020 02:12 WIB

MinyakWTI


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Oil futures ended lower on Wednesday, with U.S. prices losing nearly 6% as concerns over the possibility of new lockdowns on the heels of significant gains in COVID-19 cases in some parts of the U.S. dulled the outlook for energy demand.

The recent decline in oil prices "remains heavily influenced by demand-side dynamics" despite efforts by the Organization of the Petroleum Exporting Countries and their allies to rebalance markets, he said.

August West Texas Intermediate oil fell $2.36, or nearly 5.9%, to settle at $38.01 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish in a week, according to FactSet data.

Source : Market Watch


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