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Oil dips on glut but Chinese and U.S. data supports

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices dipped on Thursday on worries about oversupply, but strong Chinese imports and signs that U.S. storage tanks were gradually being drained offered some support.Brent crude fell 20 cents to $47.54 a barrel by 0730 GMT and U.S. light crude was down 15 cents at $45.34.Oil inventories remain near record levels in many areas despite efforts to control output over the past six months and International Energy Agency Chief Economist Laszlo Varro said on Thursday that markets face a supply surplus."There is no doubt in the short term the market is ...

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First Published: Thu, July 13 2017. 13:26 IST