CRUDE OIL DROPS FOR 10TH CON­SEC­U­TIVE DAY TO NEAR 9-MONTH LOW

National Post (Latest Edition) - - FINANCIAL POST -

Crude oil prices lost ground for a 10th straight day to dip to a near nine-month low. West Texas In­ter­me­di­ate lost 1.2 per cent or 72 cents to reach US$59.95 in early af­ter­noon trad­ing. Since its peak last month, WTI is down about 22 per cent. A glut of oil pro­duc­tion is the main cause of the de­clines in prices of WTI and Brent crude. The U.S. has taken the crown as the world’s lead­ing oil pro­ducer af­ter out­put in­creased by two mil­lion bar­rels per day over the last year to reach 11.6 mil­lion bpd, the swiftest an­nual rise on record. At the same time, OPEC is over-pro­duc­ing and sanc­tions have been wa­tered down against Iran as the U.S. granted waivers on the sanc­tions to eight coun­tries over con­cerns that a com­plete end of Ira­nian im­ports would cause eco­nomic dis­rup­tions.

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