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Oil prices fall as U.S. crude production hits another record

“But the rising output came amid strong demand, which traders said prevented crude prices from falling further” writes Midwest Communications Inc for Brent crude futures , the international benchmark for oil prices, were at $76.46 per barrel at 0046 GMT, down 28 cents, or 0.4 percent, from their last close.With demand for oil strong, Morgan Stanley said the group’s “production is likely to creep higher.”. SINGAPORE (Reuters) – Oil prices eased on Thursday, dragged down by rising output, although strong demand and a drop in U.S. fuel inventories provided the market with some support.Prices were pulled down by another rise in U.S. oil production , which hit a weekly record of 10.9 million barrels per day (bpd) last week, according to the Energy Information Administration (EIA) on Wednesday.

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