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MTECHTIPS:-Crude crashes to six-months lows amid weak data, soft auto demand

MTECHTIPS:-Crude crashes to six-months lows amid weak data, soft auto demand

WTI crude futures plunged to a six-monU.S. crude futures have moved at least 3% lower on five separate sessions. WTI crude future are now approaching their 2015-yearly low of around $43 a barrel. U.S. shale producers can ill-afford to drill at lower prices calling into question whether production cuts will be necessary. Last week, U.S. crude production remained nearly 9.5 million barrels per day – near the highest amounts in more than 40 years. Overseas, the losses in crude futures were just as dramatic. On the Intercontinental Exchange (ICE), brent crude for September delivery dipped below $50 a barrel touching down to its lowest level since late-January. Brent crude futures traded in a broad range between $49.49 and $52.01 a barrel before also closing near the session lows at $49.53, down 2.68 or 5.13%. Meanwhile, the spread between the international and U.S. benchmarks of crude stood at $4.30, below Friday’s level of $5.11 at the close of trading.
th low on Monday, amid weak economic data in the U.S. and China, as well as indications of softening automobile demand. On the New York Mercantile Exchange, WTI crude for September delivery plummeted to $45.13 a barrel, its lowest level since mid-March, before closing near the session low at $45.23, down 1.89 or 4.00% on the session. Last week, Texas Long Sweet futures closed the month down more than 20% as the ramifications of the Iranian Nuclear Deal and a glut of oversupply on global markets weighed. Over the last 30 days of trading,
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