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Oil falls as US supplies, speculative length counter OPEC cuts

The Brent premium over WTI narrowed to $2.09 a barrel at the close, its smallest since Jan 19

Reuters  |  New York 

Oil fell on Monday as ample US supplies and excess speculative length outweighed OPEC output curbs and rising tensions between the United States and Iran. Brent futures fell $1.09, or 1.9 percent, to settle at $55.72 a barrel, while US West Texas Intermediate crude lost 82 cents, or 1.5 percent, to close at $53.01. That was the lowest close for both contracts since Jan. 31. The Brent premium over WTI narrowed to $2.09 a barrel at the close, its smallest since Jan 19. "We feel that the bulk of the price decline related to the larger-than-expected increase in net WTI speculative length ...

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First Published: Tue, February 07 2017. 02:28 IST
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