Oil price plunges over record US crude production and other factors

Oil edged lower on Thursday, surrendering early gains, as investors focused on the pace of growth in global crude supply, which is increasing more quickly than many had expected.

Chinese data earlier in the day that showed record oil imports in October offered some temporary respite to bearishness that has developed in the past couple of weeks over the expected crude market balance in 2019. Record US crude production and signals from Iraq, Abu Dhabi and Indonesia that output will grow more quickly than expected in 2019 pushed the.....

This article is no longer available in our repository.

There could be multiple reasons for this.