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Oil prices fall on rising US crude stocks, Opec's output bump

Crude prices have fallen by more than 10% since late May, pulled down by a supply glut

Reuters  |  Singapore 

Oil prices fell on Wednesday after data showed a build in US crude stocks and the Organisation of the Petroleum Exporting Countries (Opec) reported a rise in its production despite its pledge to cut back on output. Brent crude futures were at $48.41 per barrel at 06:52 GMT, down 31 cents, or 0.6 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $46.10 per barrel, down 36 cents, or 0.8 per cent. Crude prices have fallen by more than 10 per cent since late May, pulled down by a supply glut that persists despite a move led by Opec to ...

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First Published: Wed, June 14 2017. 14:20 IST
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