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Crude oil dropped sharply on over-supply
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
On the other hand, the US inventories
of crude oil rose for the ninth consecutive week to record 448.9 million