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Monday, July 15, 2024

OPEC was right, as weak demand wipes out oil’s gains from price cut (NYSEARCA:USO)

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Data analyzing in commodities energy market: the charts and quotes on display. US WTI crude oil price analysis. Stunning price drop for the last 20 years.

SlavkoSereda/iStock via Getty Images

Saudi Arabia and its partners opened the month by shocking global oil markets with their announced production cuts, but with Brent crude sinking below $78/bbl this week, the group’s contention that the cuts were needed to prevent an oversupply looks

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