#oil -7% yesterday and another -0.17% today

Yesterday, Saudi’s oil minister assured the market to be back in a few weeks and extend the production capacity back to 12 million barrels till November. As the market was expecting more delay, it began to sell.

According to US Oil Institute the country’s weekly oil stock has had a +0.59-million-barrel growth despite the anticipated -2.49-million-barrel reduction.

 Russia and Iraq are trying to compensate Saudi’s absence with increasing their global production and supply rate.

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