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Crude oil posts 2-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - West Texas Intermediate oil futures pushed even lower and posted a 2-week low sub-$44.00 on Monday a barrel amid comments from Kuwait minister saying oil prices may remain low for long period.

    Crude oil faced selling pressure at the beginning of the American session and posted a low of $43.83 before recovering slightly to trade barely above $44.00 a barrel, still down 0.5% on the day. Oil prices have fallen for 4 consecutive days after being rejected from above $48.00 a barrel last week.

    Oil prices remain on downtrend amid concerns of global supply glut with the OPEC unwilling to cut production.
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