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Oil Prices Stable near Yesterday’s Levels

M. Ali 8 July, 2020 12:37 am Commodities, Market Update

Crude oil prices settled lower on Tuesday, as markets anticipate US crude inventories data.

Brent crude oil futures for September delivery declined by 2 cents to close at $43.08 per barrel.

The benchmark US crude oil, the West Texas Intermediate (WTI), futures for August delivery decreased by 1 cent to settle at $40.62 per barrel.

Earlier today, a report by the US Energy Information Administration (EIA) showed that US crude oil production is expected to decline by 600,000 barrels per day (bpd) in 2020 to 11.63 million bpd and to 11.01 million bpd in 2021.

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