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WTI Crude oil drops below USD 43/barrel after US data

FXStreet (Mumbai) - Crude oil prices in the US extended the drop to a hit a session low of USD 42.75/barrel after a weak durable goods orders report on the US heightened worries about weaker demand in the global economy.

Fundamentals continue to worsen

Oil fundamentals continue to worsen due to which the prices hardly gained positive momentum from the surprise interest rate cut from China. Inventory levels stay high in the coldest part of the year, while the economic activity across the globe is dull.

Overall, the global supply glut situation appears to worsen each passing day. The sell-off was extended after US data, especially since the USD remained resilient, making the commodity expensive in the non-USD terms.

Oil futures currently trade around USD 42.88/barrel; down 2.3%. Across the pond, the Brent futures are trading 1.46% lower around USD 46.84/barrel.

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