Citing an internal report, The Wall Street Journal reported that OPEC was expecting oil prices to fall further in the coming weeks on rising crude oil production in the U.S.
“A coming seasonal scale back in refinery demand could result in oil stock builds. The buildup amid the upward trend in US crude oil production, could be a bearish factor for oil prices in the coming few weeks,” the report explained, according to The WSJ.
As of writing, the barrel of West Texas Intermediate was trading at its lowest level in a month at $68.70, losing nearly 2% on a daily basis.
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