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Crude Oil Falls as Hopes for Supply Cut Deal Fade

February 8, 2016 at 22:48 by Vladimir Vyun

West Texas Intermediate crude oil traded near the $30 level today as futures for both WTI and Brent grades dropped more than 2 percent. Prices dived as hopes are waning for an agreement between major oil producers about output cut. As prospects for the deal fade, traders returned their focus to oversupply on the market.

The dip of crude oil prices had its negative impact on other markets. Global stocks and currencies related to oil, like the Canadian dollar, dropped. On the other hand, safe assets, including gold and the Japanese yen, rallied.

March futures for WTI crude oil dipped 2.49 percent to $30.12 per barrel as of 22:42 GMT on NYMEX today. April contract for Brent crude tumbled 2.5 percent to $33.21 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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