Crude oil falls for second straight session
(MENAFN- ProactiveInvestors)
Crude oil futures fell for a second straight session overnight.
The U.S. benchmark settled at its lowest level in a week as traders braced for developments from a key meeting of the Organization of the petroleum Exporting Countries.
On the New York Mercantile Exchange West Texas Intermediate July crude dropped 2.8% to US$58 a barrel.
Brent crude for July delivery also lost 2.8% to US$62.03 a barrel on London’s ICE Futures exchange.
OPEC is meeting in Vienna at its annual gathering to decide how they are going to respond to a historic oil market collapse.
The EIA report showed a fifth straight weekly decline in crude supplies but stockpiles remain near their highest level in at least 80 years and production levels failed to decline in the latest week.
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