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Concerns About Oversupply Push WTI Oil Below $48

July 27, 2015 at 10:38 by Vladimir Vyun

Crude oil futures declined today, pushing WTI crude below the $48 level, due to persistent concerns about oversupply on the market. The boom in US shale oil production and the refusal of the Organization of Petroleum Exporting Countries to cut production last year contributed to the global glut. Obviously, the last week’s report about an increase of the number of US drilling rigs did not help the traders’ sentiment at all.

Of course, the troubling news from China could have also hurt the oil market. After all, the Asian nation is one of the biggest oil consumers.

September contract for delivery of WTI crude oil dipped 0.6 percent to $47.85 per barrel as of 10:35 GMT on NYMEX today. Brent crude declined 0.82 percent to $54.17 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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