Tag - crude oil

Vervantis

Oil Price Steadies Decline

Oil price steadies decline after tumbling to the lowest level since before OPEC reached an output-reduction deal as U.S. shale confounds the producer group’s attempts to prop up prices. Prices are approaching an 8 percent decline this week, bringing the U.S. benchmark crude back to levels last seen before the Organization of Petroleum Exporting Countries signed a six-month deal in November to curb production and ease a global glut. The drop in prices is being driven by expanding U.S. output [...]

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