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Oil prices fall as OPEC output, U.S. crude stockpiles rise

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices fell on Wednesday after industry data showed a build in U.S. crude stocks and OPEC reported a rise in its production despite a pledge to cut output. Brent crude oil was down 36 cents a barrel at $48.36 by 0941 GMT. U.S. crude was 45 cents lower at $46.01.Crude prices have fallen more than 10 percent since late May, pulled down by heavy global oversupply that has persisted despite a move led by the Organization of the Petroleum Exporting Countries to curb production.OPEC and other exporters such as Russia have agreed to keep production almost ...

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First Published: Wed, June 14 2017. 15:20 IST
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