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Futures Movers: Oil prices tumble even after biggest weekly supply drop in nearly 2 years

Oil futures traded sharply lower Wednesday as a report showing the biggest weekly drop in domestic crude supplies in nearly two years failed to allay concerns surrounding a likely rise in Libyan oil exports and potential for weaker demand tied to the U.S.-China trade dispute.

“Market players are taking profits after reports of the return of Libyan crude oil,” possible waivers for U.S. sanctions on Iranian oil and renewed trade war fears, said Phil Flynn, senior market analyst at Price Futures Group.

There’s also speculation that U.S. President Donald Trump “will hammer Russia on raising oil production” in an effort to push prices lower, and that has “traders running for cover,” he said.

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