Oil prices drop nearly 5% to their lowest in 2 weeks
Oil futures dropped by almost 5% on Tuesday, settling at their lowest in roughly two weeks.
"The crude oil market has quickly digested the decision by OPEC and its allies to maintain the production cuts through next March," said Marshall Steeves, energy markets analyst at Informa Economics. However, since weakening demand growth was at the crux of the decline in crude oil futures in May, "its re-emergence could well reignite a downtrend." August West Texas Intermediate oil CLQ19, -4.62% lost $2.84, or 4.8%, to trade at $56.
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