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Oil prices fell on Wednesday after the US Energy Information Administration (EIA) released the US. The unexpected build-up of 6.8 million barrels of oil and 3.2 million barrels of gas put downward pressure on energy prices. fell by 2.28 percent and recorded a loss of 3.31 percent as it also regained its balance and increased against the major pairs.
West Texas Oil
The likelihood of the US Federal Reserve is increasing and with it the greenback has lost its appeal as investors look for returns elsewhere. The trade wars kept supply in US dollars and contributed to Wednesday's rebound.
Brent Oil
The increase in US production more than offsets OPEC + efforts, and if we add the negative effect that a trade war could have on energy demand, this will result in lower prices. Russia has not fully adhered to the production reduction agreement after its expiration in June. Without a major producer, the cuts would be even greater for Saudi Arabia.
Original position
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