Oil is having another rough day trading 6-7% lower against close of the previous week. WTI has tested the $20 handle today. Energy minister of Saudi Arabia confirmed his country's plans to increase crude exports by additional 600k bpd starting from May. Combined with weak demand, any additional supply makes the outlook even more bearish.
WTI attempted to break below the $20 mark twice today but has failed so far. Crude is trading near 17-year lows. Source: xStation5
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