Statoil and BP Release Reports Amid Oil Declines
Oil extended declines in a bear market amid signs producers from the Middle East to the U.S. will continue adding supplies to a global glut. Oil exports from southern Iraq rose to a record this month, while a Bloomberg survey forecasts U.S. crude stockpiles expanded for a second week through July 24. Brent in London closed Monday more than 20 percent lower than its peak reached in May, meeting the common definition of a bear market.
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