Crude Oil Pares Gains on Bets Demand Not Recovery Fast Enough
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Oil gave up earlier gains as the dollar recovered and traders bet that demand isn’t rebounding fast enough to justify this month’s increase.
Global oil markets are “oversupplied,” Iranian OPEC governor Mohammad Ali Khatibi was cited as saying on Oct. 9 by the Iranian Students News Agency. The Organization of Petroleum Exporting Countries may leave oil production unchanged when it meets in three days’ time because signs of renewed consumption have yet to emerge among the world’s developed economies.