Crude Oil Dropped as Oversupply Concerns Reemerge

Crude oil prices declined on Monday, as USD strengthened and Iraq confirmed that it will continue to increase production. This offset Genscape’s estimate that Cushing stockpile fell -0.28 mmb in the week ended August 26. The front-month WTI crude contract fell -1.39% to 46.98 while the Brent contract was down -1.32% for the day. In equities, Wall Street rose for the first time in 4 sessions with DJIA and S&P 500 indices adding +0.6% and +0.5% respectively.

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