Oil Prices Declined By 2.4 Percent To Close At $47.7 Per Barrel

WTI oil prices declined by 2.4 percent to close at $47.7 per barrel closed at its lowest level this year, erasing all of the gains since OPEC started to cut production, after breaking through a key technical support level.

The market was already trading lower prior to the technical selloff on reports of rising output in the United States, Canada and Libya and declining compliance by members of the Organization of the Petroleum Exporting Countries with the deal to cut output during the first half of this year.

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WTI oil prices declined by 2.4 percent to close at $47.7 per barrel closed at its lowest level this year, erasing all of the gains since OPEC started to cut production, after breaking through a key technical support level. The market was already trading lower prior to the technical selloff on reports of rising output in the United States, Canada and Libya and declining compliance by members of the Organization of the Petroleum Exporting Countries with the deal to cut output during the first half of this year. - See more at: http://www.investmentguruindia.com/CommoditiesReports/We-expect-Copper-prices-are-currently-trading-lower---Angel-Commodities#sthash.4p3sYWmy.dpuf