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Oil Futures End Lower as U.S. Supplies Rise a 7th Straight Week, Saudi Arabia, UAE Plan to Lift Output


Thursday, 12 March 2020 02:20 WIB

Minyak WTIOil,Crude Oil


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Oil futures settled lower on Wednesday, with U.S. prices down 4% after U.S. government data revealed a seventh straight weekly increase in domestic crude supplies and as Saudi Arabia and the United Arab Emirates reportedly plan to lift production levels.

 The Organization of the Petroleum Exporting Countries also cut its oil demand growth forecast to 60,000 barrels per day this year. April West Texas Intermediate oil fell $1.38, or 4%, to settle at $32.98 a barrel on the New York Mercantile Exchange, following a gain of more than 10% on Tuesday.

Source : Marketwatch


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