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Brent crude falls as oversupply fears mount

Updated : July 19, 2018 11:16 PM IST

Crude prices pulled back from earlier session highs reached after Saudi Arabia's OPEC Governor Adeeb Al-Aama said in a statement that the kingdom expects crude exports to drop by roughly 100,000 bpd in August as it limits excess production.
OPEC and non-OPEC producers cut oil output in June by 20 percent more than agreed levels, compared to 47 percent in May, two sources familiar with the matter told Reuters on Wednesday.
Global oil prices also faced downward pressure from the news that a worker strike at Norwegian drilling rigs has ended and continued talk from Russia and Saudi Arabia of meeting supply needs.
Brent crude falls as oversupply fears mount
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