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Oil prices decline on rising OPEC output

2017-08-12 10:59

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Oil prices fell on Thursday after data showed major oil producing countries' July output increased.

The Organization of the Petroleum Exporting Countries' output jumped by 173,000 barrels per day to 32.87 million barrels, according to secondary sources cited by the group on Thursday in a monthly report.

The surging output showed that the cartel was struggling to stick to the agreement aiming at curbing crude oil supply.

The West Texas Intermediate for September Delivery lost 0.97 U.S. dollar to settle at 48.59 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.80 dollar to close at 51.90 dollars a barrel on the London ICE Futures Exchange.
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