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U.S. crude drops back below $30 as Iraq adds record output

Published 2016-01-25, 06:36 p/m
© Reuters. U.S. crude drops back below $30 as Iraq adds record output
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SEOUL, Jan 26 (Reuters) - U.S. crude futures dropped back
below $30 a barrel in Asian trading on Tuesday, extending a near
6 percent fall made in the previous session, amid news that
Iraq's output reached a record high last month.
U.S. crude CLc1 fell 47 cents, or 1.55 percent, to $29.87
a barrel by 2309 GMT after settling $1.85, or 5.8 percent, lower
at $30.34 a barrel.
Global benchmark Brent crude LCOc1 settled down $1.68 at
$30.50 a barrel in the previous session, 5.2 percent below its
closing price on Friday.
Iraq's oil production hit a record in December, as output
increased from the central and southern fields, an oil ministry
spokesman said on Monday.
Meanwhile, Iraq may raise oil output further this year,
reaching levels as high as 4 million barrels per day (bpd) from
the country's south, a senior Iraqi oil official
said.
Senior OPEC and Russian oil industry officials stepped up
vague talk on Monday of possible joint action to remedy one of
the worst supply gluts in decades, while Saudi Arabia signalled
its resolve to allow the market to balance itself.

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