Crude oil prices resumed their downtrend after showing signs of recovery in last session and slipped by close to a percent to the lowest levels seen in last eight months on Wednesday. Investors remained cautious as they awaited the outcome of a meeting between Organization of Petroleum Exporting Countries (OPEC) where the members are likely to leave production limit unchanged at 30 million barrels per day. The crude prices were also pressured by disappointing US economic reports like May retail sales data which once again declined and wholesale prices numbers which too fell the most in three years.
Benchmark crude for July delivery declined $0.70 or 0.84% to finish at $82.62 a barrel, after trading as high as $84.01 and as low as $82.15 a barrel, on the New York Mercantile Exchange. In London, the July delivery Brent crude eased $0.01 or 0.01% to settle at $97.13 a barrel on the ICE.
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