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Sunday, June 4, 2017

Oil drops on fears of more U.S. drilling after climate deal withdrawal

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Oil drops on fears of more U.S. drilling after climate deal withdrawalCrude fell more than 1 percent on Friday, heading for a second straight week of losses, on worries that U.S. President Donald Trump’s decision to withdraw from an international climate accord will spur further domestic production and contribute to a persistent global oversupply. Market analysts are troubled by a growth in U.S. crude production that is straining efforts from the Organization of the Petroleum Exporting Countries to reduce global oversupply. U.S. drillers this week added 11 rigs, in a record stretch of 20 straight weeks of additions, data from energy services company Baker Hughes showed.

June 04, 2017 at 07:57AM

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