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Oil dips on fresh US crude output record, lower China refining activity

US crude output has risen by almost 30 percent in the last two years, and it is now close to top global producer Russia

Reuters  |  Singapore 

Oil prices eased on Thursday, dragged down by rising output and a decline in China's refining activity, although strong fuel consumption in the United States and a drop in its crude inventories provided the market with some support. Brent crude futures were at $76.55 per barrel at 0445 GMT, down 19 cents, or 0.25 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $66.62 a barrel, down 2 cents from their last settlement. China on Thursday reported a drop in its refinery activity, from 12.06 million barrels per day (bpd) in April to ...

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First Published: Thu, June 14 2018. 12:07 IST