Economic news

Oil continues moving downward amid worries of excessive supply

Prices of oil slumped today as they had done yesterday, with potential supply breaks not causing concerns anymore and with investors tracking possible detriment to the world economy growth by the trade discords.

Photo: Reuters

Brent futures gave up 32 cents, falling to $71.52 per barrel, the least mark since mid-April. Monday’s drop had been 4.6%. U.S. WTI futures receded 31 cents to $67.75 for a barrel.

Yesterday they had plunged 4.2%. Oil prices are anticipated to keep volatile, with Brent staying between $70 and $80 a barrel in the near term, according to Goldman Sachs forecast.

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