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Oil, briefly up on lower rig counts, falls on U.S. output outlook

Reuters  |  LONDON 

By Shadia NasrallaLONDON (Reuters) - Oil prices fell on Monday on expectations that U.S. output will rise this year, erasing earlier gains buoyed by lower weekly U.S. rig counts and falling U.S. unemployment.Brent crude futures were at $64.04 per barrel at 1353 GMT, down 45 cents from their previous close.U.S. West Texas Intermediate (WTI) crude futures were down 54 cents to $61.50 a barrel.Helping the dip, hedge funds and money managers cut their bullish wagers on U.S. crude oil for the first time in three weeks, data showed on Friday.The reduction came as gross short positions on the New ...

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First Published: Mon, March 12 2018. 19:44 IST