Crude oil prices declined at a steeper rate July 31 with crude down 1.9% in the New York market amid traders’ concerns about results from the 2-day meeting of the Federal Open Market Committee, the policy-making arm of the Federal Reserve Bank, which concludes Aug. 1.
The SIG Oil Exploration & Production Index was down 1.4%, and the Oil Service Index declined 2.2%, reflecting uncertainty about the Fed. “Broader markets were more resilient though, with Standard & Poor’s 500 Index losing only a fraction of a percent,” said analysts in the Houston office of Raymond James & Associates Inc.
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The Qatar sovereign fund is "c
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