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14-Sep2018

Crude oil futures close lower as IEA pegs global supplies at a record

Crude oil futures settled lower on Thursday, with benchmark prices plunging back from the nearly two-month high seen a day earlier, as an industry report showed global supplies at a record and Hurricane Florence weakened ahead of its expected landfall on the East Coast. In a closely followed monthly report, the International Energy Agency (IEA) said daily crude-oil output in the Organization of the Petroleum Exporting Countries climbed in August by 420,000 barrels a day, to average 32.63 million a day. That output more than made up for an expected decline in Iranian supply due to extant and pending US economic sanctions.

Benchmark crude oil futures for October plunged $1.78 or 2.5 percent to settle at $68.59 a barrel on the New York Mercantile Exchange. November Brent crude dropped $1.56 or 2% to settle at $78.18 a barrel on London's Intercontinental Exchanged.


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