Crude oil prices got pounded for the second successive session on Thursday and plummeted over two and half a percent to reach the lowest levels in around two weeks. The crude oil prices came under severe pressure after reports showed OPEC nations produced more than their official target even as exports from cartel-member Iran dwindle. Furthermore, the weaker than expected US jobs data undermined sentiments while the European Central Bank too dampened investors’ morale after leaving interest rates unchanged and indicating that additional stimulus measures were unlikely.
Benchmark crude for June delivery plummeted $2.68 or 2.6% to settle at $102.54 a barrel, after trading as high as $105.42 and as low as $102.36 a barrel, on the New York Mercantile Exchange. In London, June delivery Brent crude sank $2.12 or 1.8% to end at $116.08 a barrel on the ICE.
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