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Oil drops as China cuts economic growth target, but OPEC-led cuts support

Updated : March 05, 2019 01:42 PM IST

US West Texas Intermediate (WTI) crude oil futures were at $56.31 per barrel at 0740 GMT, down 28 cents, or 0.5 percent, from their last settlement.
Brent crude futures were at $65.37 per barrel, down 30 cents, or 0.5 percent.
WTI's front-month price spread to Brent has declined from near parity in 2016 to an average discount of $8.5 per barrel since the start of 2019.
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