Oil climbs up but oversupply persists

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Source: Economic Times
Crude oil extended gains on Tuesday, moving further away from its two months lows witnessed during the previous week. In spite of the increase, economists stated that prices would remain low for the rest of the year due to the oil markets still being strongly oversupplied. Futures for WTI edged up $0.12 to trade at $41.86 per barrel, whereas Brent futures rose $0.16 to reach $44.72 per barrel. 
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