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Oil eases 1 percent on profit-taking as U.S. output eyed

Reuters  |  NEW YORK 

By Julia SimonNEW YORK (Reuters) - Oil fell more than 1 percent on Monday on profit-taking as the market eyed signs of rising U.S. production, though prices remained close to recent two-year highs thanks to last week's decision by OPEC and other producers to extend output cuts. Brent crude futures settled down $1.28, or 2 percent, at $62.45 a barrel. U.S. West Texas Intermediate futures were down 89 cents, or 1.5 percent, at $57.47. Brent hit a two-year high of $64.65 a month ago and has since attracted record investment by fund managers. Hedge funds and money managers also boosted bullish ...

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First Published: Tue, December 05 2017. 02:38 IST