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Oil prices edge down, pressured by U.S. supply

July 04/ 07:15

 Sydney. Oil prices inched lower on Thursday after solid gains the day before, pressured by data showing a smaller-than-expected decline in U.S. crude stockpiles.

Front-month Brent crude futures LCOc1, the international benchmark for oil prices, were down 0.4% at $63.60 per barrel by 0112 GMT. Brent closed up 2.3%.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 0.3% at $57.18 per barrel. WTI closed up 1.9%, informs Reuters.

U.S. crude inventories USOILC=ECI dropped by 1.1 million barrels last week, the Energy Information Administration (EIA) said on Wednesday. That compared with analyst expectations for a decrease of 3 million barrels.

But crude prices were underpinned after the Organization of the Petroleum Exporting Countries and other producers such as Russia, a group known as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020.

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