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Oil falls after Opec's plan to raise output, but markets to remain tight

Opec and non-Opec partners including Russia have since 2017 cut output by 1.8 million barrels per day (bpd) to tighten the market and prop up prices

Reuters  |  Singapore 

Brent crude oil prices fell over 1.5 per cent on Monday as traders factored in an expected output increase that was agreed at the headquarters of the Organization of the Petroleum Exporting Countries (Opec) in Vienna on Friday. Despite this, analysts said global oil markets would likely remain relatively tight this year. Brent crude futures, the international benchmark for oil prices, were at $74.27 per barrel at 0402 GMT, down 1.7 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $68.41 a barrel, down 0.25 per cent, supported more than ...

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First Published: Mon, June 25 2018. 10:53 IST