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Oil prices dip on OPEC squabbles ahead of planned production cut

October 25, 2016

Via: CNBC

Oil prices dipped on Tuesday as disagreement flared within producer cartel OPEC on who should cut how much production in a planned coordinated reduction to prop up prices.

The dollar, which held near nine-month highs against a basket of major currencies, also weighed on prices. A strong dollar makes greenback-denominated commodities including oil more expensive for holders of other currencies.

International Brent crude oil futures fell 8 cents to $51.38 per barrel as of 0528 GMT from their last close.

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