Crude oil dropped sharply on over-supply

Crude oil dropped sharply on over-supply 

Mar 17th 2015

Crude oil prices dropped sharply during yesterday trading session hitting $42.84 per barrel, which is the lowest level since March 2009.

And today, the prices remain trading lower to hold below $44 per barrel, on growing concerns about the increase of the U.S stockpiles to hit a record high level. In addition, some analysts expect that the oil prices could decline further toward $40 per ounce, on over-supply concerns.

On the other hand, the US inventories of crude oil rose for the ninth consecutive week to record 448.9 million barrels.

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