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Oil dips as soaring US production outweighs talk of OPEC output cuts

“Front-month Brent crude oil futures were at $71.93 a barrel at 00301 GMT, down 14 cents from their last close” writes unknown author for cnbc.com. Oil prices dipped on Thursday as record U.S. crude output heightened concerns of a return of global oversupply, stoking talk from within OPEC that production curbs may become necessary once again to prevent a glut.U.S. West Texas Intermediate (WTI) crude futures were at $61.68 per barrel, virtually flat from their last settlement.But with Iran sanctions now in place and oil still in ample availability, OPEC-led production cuts next year cannot be ruled out, two OPEC sources said on Wednesday.
 
Source: cnbc.com



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