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Updated .. Oil losses exceed 1.5% at the settlement in a volatile session 24 July 2019 09:56 PM Mubasher : Oil prices fell on Wednesday's trading session, in a volatile session despite a sharp decline in inventories and US production. The US Energy Information Administration revealed that oil inventories in the United States fell by 10.8 million barrels more than expected last week. US oil production fell by 700,000 barrels last week to 11.300 million barrels. Investors are watching the resumption of trade talks next week in the hope of a deal between China and the United States that undermines fears of slowing demand. However, fears of a slowdown in economic growth and then slowing demand for investors' trading were after negative data on industrial activity in the world. Iranian President Hassan Rowhani also said that his country is ready for fair negotiations, if it does not mean surrender, according to Reuters, "in reference to the possibility of calm geopolitical fears. On the settlement, US Nymex crude futures for September delivery fell 1.6 percent to $ 55.88 a barrel, after rising $ 57.64 a barrel. By 6:50 pm GMT, the benchmark Brent crude for September delivery fell 0.8 percent to $ 63.24 a barrel from $ 64.66 a barrel earlier in the session.
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