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Oil falls to its lowest level in 11 days

Oil falls to its lowest level in 11 days


Oil prices declined yesterday to near their lowest levels in 11 days as the US government report released that US rock oil production in May is expected to record its highest monthly increase in more than two years.


As the oil market witnessed the attraction and tension between the expectations that the production of OPEC will remain at the low rates and pessimistic reports that indicate the growth of US production, which remains oversupply in the market.
While Brent crude futures were down 47 cents to $ 54.89 a barrel. Brent hit the lowest level since 7th of April at $ 54.61 a barrel.


While US crude fell 24 cents to hit 52.41 dollars a barrel. Crude hit the lowest level since 7th of April at 52.10 dollars a barrel.


While OPEC is seeking non-OPEC producers to cut production levels, government data has shown that the US rock production is expected to increase to 5.19 million barrels per day.

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