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OPEC output undoes oil price gains

VIENNA, May 2, 2016 – Near-record OPEC production in April of 32.64 million bopd sent oil prices on a retreat on Monday, undoing gains made over the past weeks. A weaker dollar and a 7% rise in Russian seaborne exports also helped drive prices down.

 

Brent oil was down 60 cents to reach USD 46.77 while WTI was trading at USD 45.52 during the early hours on Monday, having lost some 40 cents. On Friday, Brent trade at a 2016 high of USD 48.50.

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