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Oil falls on concerns over rising supply, weaker demand

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Oil prices fell on Friday as concerns about surging U.S. output and falling demand in China weighed on the contract and JP Morgan cut its price forecast.Brent crude futures settled down 86 cents, or 1.1 percent, at $76.46 a barrel. U.S. West Texas Intermediate (WTI) crude futures ended 21 cents lower at $65.74 a barrel. For the week, Brent fell 0.5 percent, while U.S. crude slipped 0.3 percent.In the past three weeks, prices have declined from three-year highs as the market has contended with supply concerns. On Friday, oil prices came under ...

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First Published: Sat, June 09 2018. 02:22 IST
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