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Oil prices slip as U.S. crude output nears 12 million bpd

The Address | Benghazi – Libya

SINGAPORE – Oil prices fell on Thursday as U.S. crude production neared an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.92 per barrel at 0752 GMT, down 39 cents, or 0.8 percent, from their last settlement.

International Brent crude oil futures LCOc1 were down 37 cents, or 0.6 percent, at $60.95 per barrel.

American crude oil production C-OUT-T-EIA reached a record 11.9 million bpd in the week ending Jan. 11, the Energy Information Administration (EIA) said on Wednesday, up from 11.7 million bpd last week, which was already the highest national output in the world.

U.S. output has soared by 2.4 million bpd since January 2018, stoking fears of a supply glut.

Reuters

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