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Oil Finds Some Support As WTI Hits $40 Mark
Oil prices continued to test a lower bound at $40 per barrel, but have so far resisted plunging much below that level. The story has been the same for the past few weeks: production in the U.S. is inching down, but slowly. Meanwhile, storage levels have climbed. This past week, crude inventories leveled off after several weeks of gains, perhaps portending a coming drawdown. Still, bearish sentiment persists. Goldman Sachs published yet another bearish prediction for crude oil, once again raising the possibility that oil will drop as low as $20 per barrel. With storage levels near record levels not just in the U.S., ... (full story)
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