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🖥️WTI CRUDE OIL FUTURES LOSSES

🖥️WTI CRUDE OIL FUTURES LOSSES

Day: 08 | Time: 16:27:18 WTI crude oil futures extended their losses in Monday's session, trading near $83.5 per barrel. This is a decline from the over two-month high of $84 reached on July 4. Tropical storm Beryl hit Texas earlier in the week and caused major oil producers to adapt their oil operations. However, expectations that the storm would not significantly damage production led traders to close positions reflecting greater supply concerns. Supply disruption concerns also eased as fires in Canada did not significantly spread towards Suncor's infrastructure. Meanwhile, a new wave of pessimism about energy demand in China has put pressure on oil futures, after data showed that the number of oil supertankers heading to China has fallen to the lowest levels in the past two years.