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Oil falls to seven-month low on more signs of growing crude glut

Reuters  |  NEW YORK 

By Scott DiSavinoNEW YORK (Reuters) - Oil prices fell about 1 percent on Monday to a seven-month low as market players saw more signs that rising crude production in the United States, Libya and Nigeria undercut OPEC-led efforts to support the market with output curbs."We're seeing more tankers used for storage and more crude from West Africa and Europe being offered into the U.S. Gulf Coast at the same time the Gulf Coast has been an exporter of light sweet crude," said Andrew Lipow, president of Lipow Oil Associates in Houston."These are all signs of an oversupplied market."Brent futures ...

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First Published: Tue, June 20 2017. 01:58 IST
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