India, July 6 -- Oil prices were moving lower on Monday amid fears the market will be overwhelmed by a large oil surplus next year.
As traffic through the Strait of Hormuz heads toward normalization, investment bank Goldman Sachs expects the global oil surplus to be about 3 million barrels per day next year.
Brent crude futures for September delivery were down 0.7 percent at $71.63 a barrel, while WTI crude futures for August delivery fell half a percent to $68.36.
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