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Oil prices retreat on oversupply concerns

Xinhua, May 1, 2017 Adjust font size:

Oil prices declined Monday as worries about a global supply glut continued to weigh on the market.

The West Texas Intermediate for June delivery fell 0.49 U.S. dollar to settle at 48.84 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 0.53 dollar to close at 51.52 dollars a barrel on the London ICE Futures Exchange. Endit