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WTI Oil Trades Near $60, Natural Gas Declines

June 12, 2015 at 21:04 by Vladimir Vyun

Prices for crude oil dropped today for the second day due to concerns about oversupply on the market. Saudi Arabia, the leading producer from the Organization of Petroleum Exporting Countries, warned that it may increase its output in the coming months. Prospects for even more supply on the already oversaturated market overshadowed the steady decline of the number of US oil rigs. Prices were rising during the current trading week, but the rally has halted on Thursday. Futures for delivery of WTI crude oil in July dropped 1.25 percent to $60.01 per barrel as of 20:58 GMT on NYMEX today. Contract for Brent crude lost 2.12 percent to $63.73 per barrel on ICE.

Futures for natural gas were in decline too during the Friday’s trading session. Forecasts of mild weather in the United States suggest limited usage of the commodity. Released yesterday, the report from the Energy Information Administration showed an increase of US stockpiles of gas by 111 billion cubic feet, slightly less than analysts had anticipated. July natural gas declined 2.48 percent to $2.76 per million British thermal units on NYMEX today.

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