Crude Oil prices show lower, Latest Crude updates

Crude oil prices quoted lower on Monday led by hopes of minimized supply and indication that China-US trade worries could ease.

U.S. WTI futures were at USD 55.06 per barrel down 0.36%, from their last settlement, while Brent crude oil futures were down at USD 62.51 a barrel, after closing up 3.14% in the previous session.

There are certain factors that led this fall mainly of US energy companies last week slashed the number of oil rigs as some drillers followed through on plans to spend less on additional wells this year. Meantime, oil supply from the OPEC reportedly declined in January by the largest amount in two years in spite of weak production fall from Russia.

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