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Oil prices decline on glut concerns

Xinhua, April 21, 2017 Adjust font size:

Oil prices tumbled Friday on renewed concerns that increasing U.S. production and inventory will offset leading Gulf crude producers' output cut efforts.

The West Texas Intermediate for June delivery decreased 1.09 U.S. dollars to settle at 49.62 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery erased 1.03 dollars to close at 51.96 dollars a barrel on the London ICE Futures Exchange. Endit