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Oil Trades Below $60, Natural Gas Slumps

June 26, 2015 at 19:37 by Vladimir Vyun

Crude oil attempted to rally earlier today but failed and trades below the opening level as of now. Prices were under pressure from concerns about oversupply on the market. The report from Baker Hughes showed that the number of oil rigs in the United States fell by 3 to 628 this week, providing some support for the futures. Still, WTI crude oil traded below the $60 level as August contract lost 0.22 percent of its value to $59.57 per barrel as of 19:30 GMT on NYMEX today. Futures for Brent crude slipped 0.02 percent to $63.19 per barrel on ICE.

Natural gas joined in the decline, demonstrating substantial losses. Yesterday’s supply report from the Energy Information Administration was bullish for the commodity, showing a buildup of US stockpiles by 75 billion cubic feet, which was less than the 79 billion expected by analysts. Yet even the positive data did not support prices for the gas today. July futures tumbled by 2.7 percent to $2.77 per million British thermal units on NYMEX.

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