“You can argue whether or not we’re in a recession, but the demand numbers make it sound like we’re in a recession,” stated Phil Flynn, oil analyst at PFG Best in Chicago.
Additionally, Saudi Arabia, the world’s largest producer of oil, has increased production to its highest level since the 1980s to offset the lower output by Libyan exporters. Last week, 3.6 million barrels of crude form the Strategic Petroleum Reserves entered the markets.
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U.S. Oil Fund
Max Chen contributed to this article.