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Oil prices down on oversupply worries

By Jeff Davies

Crude traded lower for the third consecutive session on Tuesday as worries over the global supply glut persisted despite the OPEC+ agreement to cut oil production.

Earlier this month, OPEC and other major producers reached a deal to reduce output by 1.2 million barrels per day in an effort to balance the market. However, reports of rising output in the United States weighed on oil prices, while concerns of a slowdown in global economic expansion also contributed to the decline.

International benchmark Brent for deliveries in February lost 1.93% to sell for $58.49 per barrel at 9:09 am GMT and West Texas Intermediate (WTI) for January delivery dropped 2.19% to go for $48.79 per barrel.

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