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Oil prices drop to $ 66 a barrel
The price of Brent crude fell to $ 66 per barrel on Tuesday, with fears of an increase in crude supply and the release of preliminary inventory data.
By 0720 GMT, the price of Brent crude for January delivery fell 0.6 percent to $ 66.37 a barrel.
US crude futures for January delivery rose 0.5% to $ 56.76 a barrel.
Oil prices are under pressure from oversupply worries, with US production up 25% to 11.7 million bpd since the beginning of the year.
The International Energy Agency warned OPEC and its allies in a recent report on the negative effects of reducing the supply of crude, and attributed that to the move will cause a jump in oil prices, which may lead to erosion of consumption.
Press reports revealed last week that OPEC and its allies planned to cut oil production by 1.4 million barrels per day next year. Finished
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