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Oil falls due to taking profits after 3 weeks of a rise

Oil falls due to taking profits after 3 weeks of a rise

 

The oil prices declined in 1% yesterday after the long week end due to news about a rise in the production of the rocky oil and due to taking profits after 3 weeks of a rise.

As the US Energy Information Agency reported that US rock oil production in May is expected to record its highest monthly increase in more than two years and this raises concerns that these increases will make top producers of crude oil curbing supply abundance.

Brent crude fall by 53 cents to $ 55.63 per barrel
While US crude futures closed down 53 cents and recorded 52.65 dollars a barrel.
As European financial markets closed yesterday, the focus was on political tensions in areas such as Libya and North Korea.

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