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Crude prices sag on lingering oversupply worries
On Thursday, crude prices dived, weighed down by a general sentiment of globally bloated financial markets, although market participants told that prices seemed to have gained support around current levels.
American West Texas Intermediate crude futures CLc1 hit $49.34 per barrel, sliding 0.56% from their previous close. WTI futures have dropped approximately 8.5% from their April high.
Brent crude futures LCOc1 reached $51.58 per barrel, descending 0.46% from their previous close. Brent futures are nearly 9% below its April high.
Traders told that the drops in recent weeks were an outcome of a realization that global crude markets remained oversupplied notwithstanding efforts led by the Organization of the Petroleum Exporting Countries as well as Russia to reduce output by 1.8 million barrels per day in the first half of 2017to tighten the market and stimulate prices.
While on Wednesday, America posted a dip in its commercial crude stocks albeit from near-record peaks, its gasoline inventories inched up because refiners produced more fuel than the market could actually consume.
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