Major banks lose faith in oil price return

"The fundamental mood surrounding the oil price has taken a turn for the worse," says French major bank BNP Paribas.

Photo: /ritzau/Magnus Holm

The oil price declined Tuesday after rumors that Saudi Arabia increased its production significantly in June. In an interview with Bloomberg, a source with access to Saudi Arabia's production figures stated that the country pumped 10.07 million barrels of oil from the underground in June against 9.88 million in May.

This sent the oil price down by 1 percent to USD 46.45 Tuesday afternoon.

Meanwhile, two of the world's largest banks have significantly slashed their expectations for the oil price for the rest of the year, reports Reuters.

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