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Energy Market in Bear Mode During Tuesday Trading

May 19, 2015 at 20:08 by Vladimir Vyun

The energy market was in a bear mode today as crude oil and natural gas demonstrated substantial losses. One of the reasons for the poor performance was the rally of the dollar. The greenback jumped after US housing data exceeded economists’ expectations.

Crude fell also as concerns about oversupply on the market persisted. Experts say that the United States and Saudi Arabia were ramping up output in a competition for market share. Saudi Arabian Oil Minister Ali al-Naimi stated that the country produced 10.3 million barrels per day in March, the highest rate in almost 10 years.

Futures for delivery of crude oil in June dropped as much as 3.65 percent to $57.26 per barrel as of 20:04 GMT on NYMEX today. July contract for Brent crude tumbled 3.09 percent to $64.22 per barrel on ICE. June natural gas lost 1.79 percent to $2.96 per million British thermal units.

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