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Oil falls from 26-month high on profit-taking

US refinery utilization was expected to rise 3.6 percentage points from 83.2 percent of total capacity in the week ended Sept. 15

Reuters  |  New York 

Oil prices ended 1 percent lower on Tuesday after investors took profits following a rally to 26-month highs spurred largely by threats from Turkey to cut crude exports from Iraq's Kurdistan region. The market was also under pressure ahead of weekly US oil inventory data that was expected to show a fourth straight week of crude builds. Brent settled 58 cents, or 1 percent, lower at $58.44 a barrel after hitting $59.49, its highest since July 2015 and more than 34 percent above their 2017 low. US crude futures closed 34 cents, or 0.7 percent, lower at $51.88 a barrel, ...

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First Published: Wed, September 27 2017. 02:40 IST