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Oil prices fall as outlook for global balance dims

Reuters  |  LONDON 

By Amanda CooperLONDON (Reuters) - Oil fell on Tuesday, losing gains made earlier in line with a recovery on global stock markets, after a forecasting agency estimated world crude supply could overtake demand this year, potentially undermining producer efforts to curb supply. The Paris-based International Energy Agency raised its forecast for oil demand growth in 2018 to 1.4 million barrels per day, from a previous projection of 1.3 million bpd.However, rapidly rising output, particularly in the United States, could well outweigh any pick-up in demand and begin to push up global oil ...

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First Published: Tue, February 13 2018. 20:09 IST
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