MARKET WATCH: Brent crude oil for September plunges nearly $3.50/bbl

Oil & Gas Journal: The Brent crude oil contract for September delivery plunged by nearly $3.50/bbl on the London market July 16 while light, sweet crude oil prices dipped nearly $3/bbl to the lowest level in 3 weeks on the New York market.

US President Donald Trump met with Russian President Vladimir Putin in Helsinki, prompting a steady decline in oil prices July 16.

Some traders cited the potential for Russia to increase production beyond its latest agreement with the Organization of Petroleum Exporting Countries. But other analysts said the speculation did not warrant extreme crude oil moves.

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