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West TX Oil Remains Below $60 on Renewed Glut Worries

U.S. crude futures fell towards $60 a barrel in early Asian trade on Tuesday on renewed concerns of a global oil glut although a forecast draw in U.S. domestic crude stocks put a floor under prices.

U.S. crude for August delivery fell 19 cents to $60.19 a barrel as of 0004 GMT. The July contract, which expired on Monday, closed up 7 cents at $59.68 a barrel.   Brent for August delivery dropped 12 cents to $63.22 a barrel after closing the previous session up 32 cents.

U.S. commercial crude oil stocks likely fell last week by an average of 1.8 million barrels to around 466 million barrels, according to a Reuters analysts poll on Monday taken ahead of weekly industry and U.S. Department of Energy inventory reports.

CNBC [1]

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