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Oil prices fall on supply glut worries

Xinhua, May 24, 2016 Adjust font size:

Oil prices edged down Monday as Iran vowed to increase output.

The West Texas Intermediate for July delivery fell 33 cents to settle at 48.08 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 37 cent to close at 48.35 dollars a barrel on the London ICE Futures Exchange. Endit