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Crude Oil Drops Near $50

Crude Oil Drops Near $50

2 October 2017, 18:16
Crude oil futures slumped Monday morning amid concerns that supplies would continue to outweigh global demand for energy products. WTI light sweet crude oil slipped $1 to $50.58 a barrel, having touched a multi-month peak near $52 last week. OPEC has delayed announcing further supply cuts, and U.S. production may be ramping up after Hurricane Harvey, as Baker Hughes reported a rise in the U.S. rig count. On the economic front, the Purchasing Managers' Manufacturing Index for September will be published at 9.45 am ET. The economists are looking for consensus of 53.0, compared to 52.8 in the previous month. Institute For Supply Management or ISM Manufacturing Index for September will be revealed at 10.00 am ET. The consensus is for 58.0, slightly down from 58.8 in August. The Commerce Department's Construction Spending Data for August will be issued at 10.00 am ET. The forecasters are looking for growth consensus of 0.3 percent, while it declined 0.6 percent in the previous month. 
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