Benchmark Brent oil price slips as focus returns to oversupply


Benchmark Brent oil price slips as focus returns to oversupply

Global benchmark Brent crude dipped on Thursday as concerns about mounting supply returned after a brief rally earlier in the session on comments that Saudi Arabia’s exports would fall in August.

Crude prices fell from session highs reached after Saudi Arabia’s OPEC Governor Adeeb Al-Aama statement that the kingdom expects crude exports to drop by roughly 100,000 bpd in August as it limits excess production.

Brent oil fell 32 cents, to settle at $72.58 per barrel, previously reaching a session high of $73.79. U.S. West Texas Intermediate (WTI) was 70 cents higher, or 1 percent, settling at $69.46. U.S. crude prices had reached a session high of $70.17 earlier in the session before paring gains. Read More

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