Oil prices open down on persistent oversupply worries

by Rex Nutting

US crude futures fell greater than 5% at the begining of trade on Monday, paring last week’s gains, on worries about oil oversupply and tempered wants a fiscal recovery as some US states and metropolitan areas all over the world ease coronavirus pandemic limitations.


US West Texas Intermediate (WTI) crude futures fell as little as $18.50 a barrel and last traded lower 95 cents, or 4.8%, at $18.83. The benchmark contract rose 17% a week ago.

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