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Oil Glut Still Overwhelms Market With Fear Ahead Of U.S Inventories

Jun 21 2017, 07:27 AM (CDT) | FxGrow.com

FxGrow Daily Technical Analysis – 21st June, 2017
By FxGrow Research & Analysis Team

Oil Glut Still Overwhelms Market With Fear Ahead Of U.S Inventories


Crude oil prices has been on a gradual decline since 25th of May with $9.00 loss and $42.93 low yesterday. Despite OPEC and Non-OPEC reports showing a high level of compliance during May estimated at 108%, fear of global oversupply still overwhelms the market, pushing oil prices lower.

Libya's oil production rose more than 50,000 bpd to 885,000 bpd after the state oil company settled a dispute with Germany's Wintershall.Nigerian oil supply is also ...

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