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Oil prices decline on glut concerns

Xinhua, February 3, 2017 Adjust font size:

Oil prices declined Thursday as concerns of rising U.S. production outweighed expectations of output cuts from other major producers.

The West Texas Intermediate for March Delivery erased 0.34 dollars to settle at 53.54 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 0.24 dollars to close at 56.56 dollars a barrel on the London ICE Futures Exchange. Enditem