Crude:-
Oil futures tumbled nearly two
percent in American trade even as the dollar index hit the lowest since June
24, 2016, amid a lack of data from the US, the world's largest energy consumer,
and ahead of the the Opec and non-Opec Oversight Committee's meeting in
Petersburg, Russia. A report from Russian oil company Petro-Logistics SA
showed OPEC's output rose 145 thousand bpd, surpassing 33 million barrels in
June, pointing the finger at Saudi Arabia and Emirates for producing more crude
recently, in addition to the exempted countries such as Nigeria and Libya. Otherwise,
the Energy Information Administration released its report on US crude stocks
earlier this week, showing a drawdown of 4.7 million barrels in the week ending
July 14, adding to a 7.6M drawdown in the previous reading, while analysts
expected only a 3.6M drop, with total stocks now reaching 490.6 million barrels
remaining within the uppermost range on average in this time of year.
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