Oil Drops Amidst Middle East Rift – 5 June, 2017
Top oil exporter Saudi Arabia and other Arab states cut ties with Qatar on Monday causing crude to fall almost 1 percent.
The cut came after Saudi Arabia, Bahrain, the United Arab Emirates, and Egypt closed all transport links with Qatar after accusing it of tampering with the regional stability and supporting extremism.
U.S. crude fell for its eight straight week proving that OPEC’s reduction in world supply had followed through.