Crude Futures End Lower On Oversupply Jitters

Nifty Future Tips
Crude oil futures declined on Monday, amid renewed oversupply jitters, following an uptick in US output to a two-year high. Crude futures showed little sign of a rebound, as data showed U.S. production rose to a two-year high while a rebound in Libyan oil output also added to oversupply concerns. It was reported that in Libya, output at the Sharara field, the country’s largest oil field, was returning to normal after a brief disruption by armed protesters in the coastal city of Zawiya.

Benchmark crude oil futures for September delivery declined by $0.19 or 0.3 percent to $48.39 on the New York Mercantile Exchange. In London, Brent crude for September delivery ended lower by $0.11 at $52.31 a barrel on the ICE.

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