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Oil falls on doubts over output cuts, surprise rise in US fuel stock

Brent crude futures, the international benchmark for oil prices, were at $63.27 a barrel, down 34 cents, or 0.5%

Reuters  |  Singapore 

Oil prices fell on Wednesday on doubts OPEC and Russia will agree on an extended crude production cut that the market has priced in and after a report of an unexpected rise in US fuel inventories. US West Texas Intermediate (WTI) crude futures were at $57.72 a barrel at 0130 GMT, 27 cents, or 0.5 percent below their last settlement. Traders said WTI was pulled down by a report from the American Petroleum Institute (API) late on Tuesday which showed U.S. crude inventories rose by 1.8 million barrels in the week to Nov. 24 to 457.3 million barrels. Official U.S. fuel inventory ...

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First Published: Wed, November 29 2017. 11:14 IST