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Oil pulls back from 2016 highs on OPEC output boost

Published 05/02/2016, 07:26 AM
Updated 05/02/2016, 07:26 AM


Investing.com - Oil prices fell on Monday as rising production in the Middle East outweighed a decline in the U.S. output and a sliding dollar, while Morgan Stanley (NYSE:MS) warned that an emerging gasoline glut could also spill back into crude markets.

Brent was trading at $46.80 per barrel at 09:33 GMT, down 57 cents, from its last settlement.
U.S. crude was down 44 cents at $45.48 a barrel.

Analysts said rising output from the Organization of OPEC was outweighing a decline in the U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.

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