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Oil futures slip to near $45/bbl threshold again on Brexit fears

by ChemOrbis Editorial Team -
  • 17/06/2016 (10:58)
Crude oil futures fell for a sixth straight day on Thursday, settling at the lowest levels seen in five weeks on a strengthening dollar and concerns over the possibility that the UK may leave the EU.

On June 16, NYMEX July crude was down $1.80/barrel to settle at $46.21/barrel while ICE August Brent crude was down $1.78/barrel to settle at $47.19/barrel.

Analysts commented that the stronger US dollar makes oil and other commodities priced in dollar terms less attractive to holders of the euro and other currencies.

Meanwhile, US crude inventories, which fell at a slower pace than expected, are also putting downward pressure on crude prices. The US Energy Information Administration reported that domestic crude inventories fell 933,000 barrels last week, less than the 2.3-million-barrel decrease forecasted by analysts.
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