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Oil Struggles for Direction as China Fears Weigh Against Cuts


Oil reverses earlier gains with continued concerns around energy demand in major markets like US and China. Increasing supplies from Russia and Iran are also adding pressure, while there is growing optimism around easing sanctions on Venezuela/Iran which could potentially free up more barrels.

  • Crude oil prices have stalled as the wave of hedge fund buying that helped lift them throughout July and the first part of August has been replaced by gentle selling according to Reuters analysis.
  • Hedge funds and other money managers sold the equivalent of 30 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Aug. 22.
  • Brent OCT 23 down -0.3% at 84.19$/bbl
  • WTI OCT 23 down -0.3% at 79.83$/bbl

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