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Commodities Briefing - Categorized | Market Moves, Oil more

WTI oil falls to lowest this year as OPEC crude output climbs

Posted on 01 March 2013

West Texas Intermediate oil dropped to the lowest price this year and headed for a second weekly decline as OPEC production rose for the first time in six months and Chinese manufacturing expanded less than forecast.
Futures slid as much as 0.7 percent to $91.43 a barrel in New York, the lowest intraday price since Dec. 31. Output in the Organization of Petroleum Exporting Countries gained 97,000 barrels to an average of almost 30.7 million a day last month, a Bloomberg survey survey of oil companies, producers and analysts showed………………………………………..Full Article: Source


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