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West TX Oil Below $44.50 on Kuwait’s Stance

Oil prices fell on Thursday as a rebounding dollar and Kuwait’s stance that OPEC had no choice but to keep producing in an oversupplied market undercut a rally from the previous day.  U.S. crude for April delivery closed down 70 cents, or 1.57 percent, at $43.96 a barrel. It touched a session low of $42.75 earlier.

Brent for May delivery fell to a fresh session low below $54 on Thursday afternoon, before recovering to trade down $1.50 at $54.46 a barrel. Brent rose almost 4.5 percent on Wednesday.

Benchmark Brent oil and U.S. crude were down about 2 percent each, weighed by the dollar’s rise against most currencies after the greenback’s biggest tumble in 18 months on Wednesday.

CNBC [1]

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