» » Crude Oil Dropped as Oversupply Concerns Reemerge

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Crude oil prices declined on Monday, as USD strengthened and Iraq confirmed that it will continue to increase production. This offset Genscape's estimate that Cushing stockpile fell -0.28 mmb in the week ended August 26. The front-month WTI crude contract fell -1.39% to 46.98 while the Brent contract was down -1.32% for the day. In equities, Wall Street rose for the first time in 4 sessions with DJIA and S&P 500 indices adding +0.6% and +0.5% respectively.


from Oil N' Gold Focus http://www.oilngold.com/ong-focus/insights/crude-oil-dropped-as-oversupply-concerns-reemerge-2016083033493/
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