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Oil steadies after hitting 2-yr high as demand hopes face supply growth

Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy. Oil prices ended mostly unchanged on Monday, after hitting their highest levels in more than two years, as growing U.S. crude production and Britain’s delayed COVID-19 reopening dampened expectations for fuel demand growth and tighter supplies. The market reacted negatively to a U.S. Energy Information Administration (EIA) forecast that shale oil output, which accounts for more than two-thirds of U.S. production, was expected to rise by about 38,000 barrels per day (bpd) in July to about 7.8 million bpd.

Oil prices settle mixed after upbeat week

Oil prices settle mixed after upbeat week Xinhua 15 Jun 2021, 06:30 GMT+10 NEW YORK, June 14 (Xinhua) Oil prices settled mixed on Monday, following an upbeat week that saw both crude benchmarks climb more than 1 percent. The West Texas Intermediate for July delivery lost 3 cents to settle at 70.88 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery increased 17 cents to close at 72.86 dollars a barrel on the London ICE Futures Exchange. For the week ending Friday, the U.S. crude benchmark rose 1.9 percent, while Brent gained 1.1 percent, based on the front-month contracts. Good sentiment on the financial markets and the optimistic demand outlook indicated by leading energy agencies are contributing to the upswing, Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Monday.

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