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Crude Oil Slumps – On Recession Fears And Oversupply Concerns

Amidst the declining economic growth and OPEC+’s supply cuts, oil industry braces for possible economic headwinds.

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The recent streak of oil market dips has been due to a faltering global demand for oil as a result of the trade war and oversupply concerns.

The Recession Fears
Oil prices weakened on Thursday as worries about the global economy weighed and equity markets were under pressure as uncertainty over the outlook for U.S. interest rate cuts left investors on edge. – cnbc.com

Adding to the Oversupply Concerns.
The US will sell another 10 million barrels of sour crude oil, the Department of Energy said on Wednesday in a Notice of Sale, according to S&P Global Platts. – oilprice.com

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Aramco

Crude oil prices could plunge lower

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Saudi Arabia has restored half of the crude product that was lost to devastating attacks on its oil industry, and the kingdom said output will be fully restored by the end of this month.

If we don’t see any new drone attackS on Saudi oil infrastructure we could see Crude oil prices going even lower. Before the oil attacks against Saudi oil infrastructure, the Crude oil prices were already heading lower.

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Commodities

No need to tap into Strategic Petroleum Reserve

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Harold Hamm, chairman, and CEO of Continental Resources on the drone wars and oil volatility.

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