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Crude oil futures fell for the third straight week due to OPEC's decision to unwind production cuts, while demand uncertainties and bearish data on US inventories added to concerns.
OIL prices climbed 1 per cent on Wednesday (Jun 5), rebounding from four-month lows, as hopes of an interest rate cut by the US Federal Reserve in September outweighed demand concern after data showed builds in US crude and fuel stocks.
Shares of energy companies rose as a rate cut from the European Central Bank quelled some economic concerns. Oil futures rose for the second straight session as the economic outlook brightened...
Price reduction for Asia in July
Crude exports from the world's largest oil exporter increased 1.5 per cent to 6.413 million barrels per day in March