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Crude Oil Declines as OPEC Supply Rises to 2018 Record

July 31, 2018 at 17:30 by Vladimir Vyun

Crude oil fell today on reports about rising supply from the Organization of Petroleum Exporting Countries. According to the Reuters survey, the OPEC increased its oil output by 70,000 barrels per day to 32.64 million bpd — a record for 2018.

Futures for the commodity also declined as concerns eased about potential sanction from the United States against Iran. US President Donald Trump, who was threatening the Middle Eastern nation just last week, now changed his tune, saying that he is ready to meet and talk with Iran’s leaders “whenever they want.” Iran responded that the USA should return to the Iranian nuclear deal before any direct meeting is possible.

Contract for delivery of WTI crude oil in September dropped 1.7% to $68.94 per barrel as of 17:16 GMT on NYMEX today. Brent crude declined 0.88% to trade at $74.31 per barrel on ICE.

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