Oil prices dropped on Friday as clouds gathered over the global economy after th...
SINGAPORE - Oil prices dropped on Friday as clouds gathered over the global economy after the European Central Bank warned overnight of continued weakness and fresh data showed Chinese exports and imports slumped last month.
U.S. West Texas Intermediate crude futures were at $56.25 per barrel, down 41 cents, or 0.7 percent. Yet a slowdown in economic growth will at some point likely dent fuel demand, putting pressure prices. But these efforts are being undermined by soaring U.S. crude oil production, which has increased by more than 2 million bpd since early 2018, to an unprecedented 12.1 million bpd. That makes America the world’s biggest producer, ahead of Russia and Saudi Arabia.
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