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Oil prices edge lower despite Iraq's willingness to cut output

Xinhua, November 24, 2016 Adjust font size:

Oil prices edged lower on Wednesday despite Iraq's willingness to participate in an output freeze deal.

Media reports on Wednesday said Iraq was willing to cut its crude oil output as part of the Organization of Petroleum Exporting Countries (OPEC)'s plan to reduce global oil supply. Earlier, Iraq asked to be exempt from output cuts to spend the oil income to fight against the Islamic State group.

OPEC reached a preliminary agreement to curb oil production in September and will meet on Nov. 30 to formalize the deal. However, disagreement persists among producers on details of the plan.

Meanwhile, decreased U.S. crude stocks also failed to lift the price up. Crude oil inventories fell 1.3 million barrels last week to 489 million, according to statistics released by the country's Energy Information Administration on Wednesday.

The West Texas Intermediate for January Delivery lost 0.07 U.S. dollars to settle at 47.96 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery erased 0.17 dollars to close at 48.95 dollars a barrel on the London ICE Futures Exchange. Enditem