West Texas Intermediate (WTI), futures on NYMEX, fall further to $72.50 in Tuesday’s European session.
The Oil price fell to $72.50as
+ plans to shore up the market. Weak US factory PMI raise concerns over the Oil demand outlook. Investors await the US NFP data for fresh guidance. West Texas Intermediate , futures on NYMEX, fall further to $72.50in Tuesday’s European session. The Oil price extends its losing streak for the third trading session on Tuesday as the latest supply policy from the
+ meeting on June 2 indicated that the production cuts could be relaxed to some extent later this year. members didn’t not full extend the current oil production cut policy. The agency said voluntary cuts of 2.2 million barrels per day , handled by eight members, out of overall output cut of 5.86 million barrels per day will expire by June 2024, unlike the remaining stock cut that will last till September 2024. Meanwhile, weak United States ISM Manufacturing PMI has also raised concerns over the Oil demand outlook.
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