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Oil prices drop as bearish risk soars

from Yahoo! Finance

Oil prices fell back even more mid-week as Saudi Arabia says it’s ahead of schedule to make the necessary repairs to the Abqaiq facility. The easing of concerns surrounding the world’s largest oil supply outage allowed traders to shift their sights back to the deteriorating economy. “Market participants are no longer focusing on the risks to supply now that Saudi Arabia has raised the prospect of its oil production being rapidly restored,” Commerzbank said in a recent note. more

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