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Oil prices fall as output remains high, producers slash costs

From reuters.com

Oil prices dipped in early trading on Friday following slight gains in the previous sessions, and analysts said the outlook remained weak with production high and producers reducing operating costs to adjust to lower export revenues. Global oil prices firmed slightly on Thursday but not before U.S. crude hit a near six-year low and benchmark Brent pared gains on data showing fresh additions to record-high U.S. oil inventories. Benchmark Brent crude oil futures opened Friday's trading with losses, opening at $49.15 a barrel at 0100 GMT but falling to $48.95 by 0200 GMT. U.S. WTI futures were trading at $44.56 a ... (full story)

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