Oil prices erased earlier gains and traded lower on Wednesday morning, following an estimate by the International Energy Agency (IEA) that no supercycle for oil is around the corner amid plentiful supply and a large global spare capacity. Just after the weekly EIA inventory report showed a crude build of 2.
4 million barrels for the week to March 12, WTI Crude prices were down by 1.11 percent at $64.03 as of 10:47 a.m. EDT, while Brent Crude traded down by 1.18 percent at $67.50. Both benchmarks reversed earlier gains, which were fueled by…Oil Drops As IEA Dashes Hopes Of Supercycle
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