Crude oil on NYMEX below $50 first time in 3 months
The sharp fall in the last two days, especially in crude on NYMEX, was mainly driven by US stock piles, which create concerns over supply-demand balance, according to Reuters. The data showed that stocks in the USA soared by 8.2 million barrels last week and reached a record of 528.4 million barrels. It was also reported that the country speeded up oil drilling with producers intending to increase crude production in North Dakota, Oklahoma and other shale regions along with the significant rise in America’s largest oilfield, Permian.
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