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Oil prices move lower after hitting 'soft ceiling'

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NEW YORK, June 30 (UPI) -- Crude oil prices reversed course in Thursday trading with an investment bank saying the $50 mark may be something of a "soft ceiling" for the long term.


Crude oil prices collapsed from around $100 per barrel in 2014 to below $30 per barrel earlier this year. Prices started recovering toward $50 per barrel over recent months as moderate global economic recovery and lower retail fuel prices eroded some of the oversupply that sparked the downturn.


http://www.upi.com/Business_News/Energy-Industry/2016/06/30/Oil-prices-move-lower-after-hitting-soft-ceiling/6531467293851/?nll=1


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