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Crude Oil falls back, WTI tests $72.00 as oversupply concerns outweighs Middle East conflicts
West Texas Intermediate (WTI) US Crude Oil softened on Tuesday, receding to $72.00 per barrel on renewed concerns that global production of Crude Oil will outpace growth by a much wider margin than initially expected. In 2023, Crude Oil markets initially anticipated that global production would undercut demand by a wide margin, drastically constraining supplies and sending barrel prices soaring, but lagging growth in key demand markets, specifically China, have sen market expectations of a supply rout about-face into renewed concerns of a worsening supply glut on the back of record pumping numbers from countries ... (full story)