Crude prices descend due to Middle East issues

Crude prices descend due to Middle East issues

On Tuesday, crude sagged for a third day, affected by worries that a political rift between Qatar as well as several Arab states would strictly undermine an OPEC-led initiative to tighten the oil market.

Persistent revenues in American output also dragged on benchmark oil prices, as market participants told.

Brent crude futures hit $49.27 per barrel, sliding 0.4% from the previous close.

American West Texas Intermediate crude futures wet down 0.2%, being worth $47.21 per barrel. As a matter of fact, they lost approximately 8% from the May 25 open.

On Monday, all ties with Qatar were suddenly snapped by major Arab powers, including Egypt, Saudi Arabia as well as the United Arab Emirates. All of them suddenly accused Qatar of support for terrorists.    

Meanwhile, American crude output has leapt more than 10% since mid-2016, hitting 9.34 million bpd, a level close to number one producers Saudi Arabia and Russia.

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