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Oil prices fall on dip in China demand, surging U.S. output

Reuters  |  SINGAPORE/LONDON 

By Henning Gloystein and Dmitry ZhdannikovSINGAPORE/LONDON (Reuters) - Oil prices fell on Friday, as weakening demand in China and surging U.S. output weighed on markets despite supply woes in Venezuela and Iran as well as OPEC's production cuts.Brent crude futures were at $76.60 per barrel at 1015 GMT, down 72 cents, or 0.9 percent. U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.6 percent, at $65.56.China's May crude oil imports eased away from a record high hit the month before, customs data showed on Friday, with state-run refineries entering planned ...

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First Published: Fri, June 08 2018. 16:08 IST
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