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MTECHTIPS:-Brent, WTI oil futures tumble 2% after OPEC report
Oil futures fell sharply on Monday, with Brent and West Texas Intermediate prices down more than 2% amid ongoing concerns over a glut in supplies. Concerns over diminishing spare capacity to store excess oil in the U.S. and China also weighed, according to market participants. In its monthly report released earlier in the day, OPEC left its 2015 estimate for non-OPEC supply growth at 420,000 barrels a day and warned that output in the U.S. might only start to be curbed towards the end of the year. OPEC also trimmed its forecast for demand for its own oil in 2015 to 29.19 million barrels a day, down 100,000 barrels from a previous estimate. On Friday, the International Energy Agency warned that an oil-price recovery remained fragile amid a production rebound in the U.S. The agency added that any appearance of stability in the oil market is tenuous. On the New York Mercantile Exchange, crude oil for delivery in April hit a session low of $43.57 a barrel, a level not seen since March 2009, before trading at $43.90 during U.S. morning hours, down 94 cents, or 2.1%. Meanwhile, the May U.S. oil contract was down 91 cents, or 1.93%, to trade at $46.15 after hitting an intraday low of $45.87. New York-traded oil futures sank $4.76, or 9.61%, last week, the fourth consecutive weekly loss and the largest since early December.
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