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Oil Prices Dip After Initial Surge on Oilfield Outage

Oil Prices Dip After Initial Surge on Oilfield Outage

Crude oil prices added over $2 per barrel on Monday on the news about a production halt at Norway’s Johan Sverdrup field due to an onshore power outage but earlier today the momentum began to slow down with traders refocusing on fundamentals. Despite that dip, the market will be carefully watching developments between Russia and Ukraine. Brent crude was trading at $73.36 a barrel at the time of writing, with West Texas Intermediate at $69.20, both up from opening but modestly. “Some position adjustments kicked in after Monday’s rally,”…

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