Oil Prices Drop to Three-Week Low
Investors assess supply and demand figures to determine how close oil market is to global rebalancing/ Oil prices fell to a three-week low on Monday, hurt by a stronger U.S. dollar and troubling signs of lower demand. Light, sweet crude for September delivery settled down $1.23, or 2.5%, to $47.59 a barrel on the New York Mercantile Exchange, its biggest one-day loss in over a month and the lowest close since July 24. Brent, the global benchmark, lost $1.37, or 2.6%, to $50.73 a barrel.
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