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U.S. crude oil pulls back more than 1%, falls below $75 in second day of losses - TL;DR CNBC

U.S. crude oil pulls back more than 1%, falls below $75 in second day of losses

Publishing timestamp: 2024-08-28 15:23:12


Summary

Oil prices fell for the second day in a row as market sell-off continues due to soft demand in China and risks of broader slowdown. Traders have largely dismissed the threat of supply disruptions in Libya, which triggered a rally earlier in the week. U.S. crude oil settled below $75 per barrel, with concerns about lackluster demand in China and OPEC+ plans to increase production in the fourth quarter. Year to date, U.S. oil has gained 4% while the global benchmark is ahead 2.1%. Oil prices remain range-bound despite potential disruptions in Libyan supplies and tensions in the Middle East.


Sentiment: NEUTRAL

Tickers: @CL.1@LCO.1@RB.1@NG.1

Keywords: business newsnatural gas (mar'23)investment strategymarketsoil and gaswti crude (mar'23)ice brent crude (apr'23)rbob gas (mar'23)breaking news: markets

Source: https://www.cnbc.com/2024/08/28/crude-oil-prices-today.html


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