RealNews

Oil retreats towards lowest level this year

Oil prices fell by $1 a barrel on Monday, trading close to their lowest levels this year, amid scepticism that the 1.2m barrel a day cut in output announced last week by the Organisation of the Petroleum Exporting Countries would be fully implemented by the cartel’s members. In the approach to last week’s Opec meeting, hedge funds were betting that crude prices would weaken further with the latest data from the Commodity Futures Trading Commission showing that speculative positions in crude moved to a net short position from a net long position in the previous week. Full Story

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