Oil Sinks to Three-Month Low in End-of-Day Stampede to Exits
- OPEC sees moderate surplus amid seasonal lull next quarter
- WTI fell as much as 5.7% to trade below $71 before settle
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Oil nosedived late in the session as ample crude supply balances and growing unease over the US economy’s trajectory sent bulls fleeing.
Both Brent and West Texas Intermediate crude fell to three-month lows. The Organization of Petroleum Export Countries said it sees a modest surplus next quarter during a seasonal lull in demand. After prices settled, crude continued its descent, testing lows not seen seen since Dec. 2021.