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Markets

Morning Crude Oil Market Report

August crude oil traded sharply lower during the initial morning hours and reached its lowest level since January 26th. Some traders indicated that there was a growing level of concern over the Greek debt crisis, which has weighed on risk appetites. It is also possible that talk of a potential Chinese interest rate hike over the weekend contributed to the early morning 'risk-off' theme. In a meeting in Russia this morning, the IEA chief solicited support from Russia and other emerging nations to join the group in a move to improve transparency within the global oil market. There were also reports overnight indicating that the stiff premiums for Brent crude oil has reduced Asian demand for the product, and that in turn would point to lower pricing in the near term to attract interest.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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