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Crude prices fall on concerns of U.S. riots, even as OPEC meeting advanced

Added 05-31-20 08:03:02pm EST - “Oil prices fell due to concerns about riots in major U.S. cities that could staunch demand after trading higher on optimism that OPEC would extend or enhance production cuts at a meeting in June.” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Crude prices fall on concerns of U.S. riots, even as OPEC meeting advanced”. Below is an excerpt from the article.

NEW YORK (Reuters) - Oil prices fell due to concerns about riots in major U.S. cities that could staunch demand after trading higher on optimism that OPEC would extend or enhance production cuts at a meeting in June.

Riots over the weekend engulfed major U.S. cities on Saturday night, and more violence was feared Sunday over the death of George Floyd in police custody.

What began as peaceful demonstrations over the death of Floyd, who died as a white Minneapolis police officer knelt on his neck, have become a wave of outrage sweeping a politically and racially divided nation. [L1N2DD04L]

Cities have responded with curfews and other measures to stem the violence and some retailers that were beginning to ramp up operations after curtailments due to the coronavirus have pulled back in certain locations due to concerns of looting.

West Texas Intermediate crude futures CLc1 for July delivery traded at $35.25 a barrel, down 24 cents, at 7:35 p.m. EST (21:35 GMT). The contract jumped $1.78, or 5.3%, on Friday.

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