Oil Edges Down on Oversupply Concerns

7 Aug 2017   Prices

Oil futures edged down on Monday, on concerns about major oil producers’ wavering commitment to output caps and ahead of a meeting of the Organization of the Petroleum Exporting Countries. The two-day gathering in Abu Dhabi will discuss members’ compliance level to the output pact the cartel agreed with 10 other oil suppliers, including Russia, in late 2016. The deal so far hasn’t produced meaningful effects to tamp down global…

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