CRUDE OIL: - CONSOLIDATE STRATEGY BUY ON DIPS R2-6130 R1-6050 S1-5900 S2-5820
Crude oil dropped as steady supplies dispelled concerns over potential disruptions in producers including Iraq and Libya.
Pressure also seen after the International Energy Agency cut its forecast for global oil demand as it spoke of a supply “glut” in the Atlantic.
OPEC output rose by 300,000 bpd to a five-month high of 30.44 million bpd in July, it said, citing gains in Saudi Arabia and Libya.
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