Oil Prices Drop
by about 2%, Brent Crude Dips to $56.24 a barrel
December 20, 2018
Oil prices fell
on Thursday cancelling out most of the gains from the previous
session in a decline that began earlier in the week amid
concerns about oversupply and global economic outlook.
US crude fell
by $1.08 to $47.17 a barrel, losing $0.96 on Wednesday.
Brent crude oil
futures dipped by $1, or 1.75%, to $56.24 a barrel after rising
nearly 2 percent in the previous session.
The
Organization of the Petroleum Exporting Countries (OPEC) and
other oil producers, including Russia, agreed this month to cut
production by 1.2 million bpd in an effort to dispose of stocks
and boost prices.
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