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USA oil output hurt overall prices for the crude

USA oil output hurt overall prices for the crude

Despite the growth that we have seen yesterday, it seems that the end of the week erased all of the gains that we have seen previously.

Well, not all of the gains, but a drop in the prices for both of the major crudes sure did put a dark spot on our day.

Price for both of them comes amidst cut output and growing stockpile of the United States. It is reported now the American hit another milestone – 12 million barrels per day output, all of this comes together with the news that OPEC was planning to cut worldwide output of the crude.

USA in their turn are striving to be the largest oil producer in the world – a goal which they are reaching with ease, but which ultimately hurts the world-wide prices for the asset.

And again, we can see both WTI and Brent falling today, which is not a welcome change for us at the end of the trading week.

What is going to happen next? Sign up and use your trading signals to find out!

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