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Oil is retreating on fears of growing supply
Economy News _ Baghdad
Oil prices in Asia fell on Wednesday, after the announcement of the reopening of oil pipeline in the North Sea, in an atmosphere of concern over attempts to reduce the excessive supply in the markets.
The price of light sweet crude for February delivery fell two years to $ 60.35 in electronic exchanges in Asia.
The Brent crude oil reference to the European delivery in March, he lost six cents and the price of 66.51 dollars, according to Agence France-Presse.
The oil group "Enioos" announced last weekend reopened "Fortis" the main oil pipeline in the British North Sea. The closure of the facility due to a malfunction led to prices rising to a level not seen in two years, said Shin Channel analyst at ASR Health Advisors. But prices remained high because of tension in Iran, which ranks third among the black-producing countries of the Organization of the Petroleum Exporting Countries (OPEC).
"The increase in US crude output remains the main threat to OPEC's efforts to rebalance", the same analyst said, with an agreement with other producer nations such as Russia to cut output by the end of the year.
"I think that Russia can retreat during the re-evaluation of the agreement scheduled for June."
The price of a barrel of light oil lost Tuesday five cents to close at 60.37 dollars in New York, while the price of Brent crude fell 30 cents in London to close at 66.57 dollars.
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