Oil prices were set to fall this week, with both benchmarks dropping slightly today, it concerns among investors about rising supply from the U.S. and other nations threatening to undermine efforts by OPEC and other producers to tighten the market.
The supply increase is more than the IEA’s expected demand growth forecast for this year of 1.5 million bpd and the U.S. government reported that crude stockpiles there increased by a more-than-expected 5 million barrels, rising for a third straight week.
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