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Oil falls as U.S. drilling activity increases

Oil falls as U.S. drilling activity increases

Global oil prices slipped on Wednesday as the U.S. dollar in which payments for crude are made rose.


It traded broadly at multi-week highs after OPEC signaled optimism over its deal with other producers to curb output.

The U.S. West Texas Intermediate April crude contract, the new front-month future, was down 34 cents, or 0.6 percent, at $53.99 a barrel.

Brent crude was down 44 cents, or 0.8 percent, at $56.83, having touched its highest since Feb. 2 at $56.20 in the previous session.


Nevertheless, an agreement by major oil producers under the OPEC umbrella, which came into place at the start of this year, lent a floor to oil prices.

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