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Commodity Corner: Crude oil prices open slightly weak

Updated : April 30, 2018 10:59:12 IST

Oil prices edged lower on Monday as a rising rig count in the United States pointed to higher production, but prices held near more than three-year highs and were on track to rise for a second consecutive month.

The oil complex has been driven by supply concerns amid prospects of the United States reimposing sanctions on Iran, while OPEC-led producers continue to withhold supplies.

Brent crude futures, the international benchmark, dipped 34 cents, or 0.5 percent, to $74.30 a barrel in early trading. Prices climbed as high as $75.47 last week, levels not seen since November, 2014.

U.S. West Texas Intermediate crude futures were at $67.98 a barrel, down 12 cents, or about 0.2 percent, from their last settlement.
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