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NCDEX tips, Oil prices fall as US output soars above 10 million bpd
Oil prices on Thursday were close to their lowest levels this year, with soaring US output undermining OPEC's efforts to tighten markets and prop up prices.
Brent crude futures were at $65.28 per barrel at 0104 GMT, down 23 cents, or 0.4 percent, from the previous close.
US West Texas Intermediate (WTI) crude futures were at $61.58 a barrel. That was down 21 cents, or 0.3 percent, from their last settlement.
The dips follow bigger falls on Wednesday when crude touched one-month lows and erased most of 2018's early gains.
Some support on Thursday came from the second outage in as many months on the 450,000 barrels per day Forties pipeline network, Britain's biggest, which supplies much of the crude underpinning Brent futures.
But the biggest market driver was US production. What's long been expected is now official: US crude oil output averaged above 10 million barrels per day (bpd) for the first time since the early 1970s last week, reaching 10.25 million bpd.
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