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Oil falls 2 percent on rising U.S. output, global demand concern

Reuters  |  NEW YORK 

By Scott DiSavinoNEW YORK (Reuters) - Oil prices fell 2 percent on Tuesday, headed for a third straight daily decline, on forecasts for rising U.S. crude output and a gloomier outlook for global demand growth in a report from the International Energy Agency (IEA).Analysts also noted that oil prices were being pressured by a global commodities selloff, led by base metals like nickel and copper, due to weaker-than-expected economic data from China.Brent futures were down $1.24, or 2 percent, at $61.92 a barrel by 11:53 a.m. EST (1653 GMT), while U.S. West Texas Intermediate (WTI) crude was down ...

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First Published: Tue, November 14 2017. 22:29 IST