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Oil drops on Saudi output, China demand fears

Mar. 24, 2015 4:44 AM ETUCO, USO, OIL-OLD, DBO, TWTI, USL, DTO, OLO-OLD, SCO, DNO, BNO, UWTI, DWTI, SZOXF, OILBy: Yoel Minkoff, SA News Editor10 Comments
  • Oil prices dropped again on Tuesday following an overnight report which showed Saudi production close to an all-time high and data that showed China's factory sector falling to an 11-month low.
  • Saudi Arabia is now pumping around 10M barrels of crude oil per day, about 350,000 bpd above the figure the Kingdom gave to OPEC for its February output.
  • Brent crude is trading down $0.46 at $55.46 a barrel, while WTI is $0.57 lower at $46.88/bbl.
  • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM

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