Crude oil prices drop over 2%

The Korea Times - - WORLD - NEW YORK (Reuters)

— Oil prices fell nearly 2 per­cent on Thurs­day as in­vestors fo­cused on swelling global crude sup­ply, which is in­creas­ing more quickly than many had ex­pected.

The mar­ket fo­cused on record U.S. crude pro­duc­tion and sig­nals from Iraq, Abu Dhabi and In­done­sia that out­put will grow more quickly than ex­pected in 2019. Fears of the po­ten­tial sup­ply glut damp­ened a rally early in the ses­sion driven by Chi­nese data that showed record oil im­ports.

“There’s a tri­fecta of trou­ble cre­ated by U.S. stock­pile builds, OPEC over­pro­duc­tion and the wa­ter­ing down of Iran sanc­tions,” said Bob Yawger, di­rec­tor of fu­tures at Mizuho in New York.

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