OIL PRICE SLUMPS

Finweek English Edition - - THE WEEK -

Oil prices fell on 20 June to $45.84 a bar­rel, its low­est level since Novem­ber 2016, as the mar­ket fo­cused on grow­ing sup­plies de­spite a sup­ply cut agree­ment by a num­ber of the world’s big­gest pro­duc­ers. A May de­ci­sion to ex­tend the deal reached late last year by the Or­gan­i­sa­tion of the Pe­tro­leum Ex­port­ing Coun­tries (Opec) and other pro­ducer coun­tries has failed to sup­port prices, ft.com re­ported. “Ris­ing US crude pro­duc­tion, de­spite the fall in prices, has not helped sen­ti­ment. Data on Fri­day [16 June] showed a rise in the num­ber of rigs drilling for oil – the 22nd con­sec­u­tive weekly in­crease,” it stated.

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