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Oil slips as U.S. output, higher inventories weigh

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - Oil slipped to around $64 a barrel on Thursday as record U.S. production and rising inventories outweighed a weak dollar and Saudi Arabia's comments that OPEC and other producers were committed to their pact on cutting supplies.U.S. crude output hit a record 10.27 million barrels per day, the Energy Information Administration said on Wednesday, making it a bigger producer than Saudi Arabia. U.S. crude and gasoline inventories rose last week, U.S. data showed.Brent crude, the global benchmark, fell 55 cents to$63.81 at 1322 GMT, giving up an earlier gain that ...

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First Published: Thu, February 15 2018. 19:17 IST
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