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US crude output deems Nigeria’s hopes

US crude output deems Nigeria’s hopes

Crude oil output from the United States has sent signals that hope of sustainable increase in price of crud oil in the first quota of 2017 may not be easily actualized.

Price of Brent crude came down by 0.56 per cent on Tuesday, selling at $49.3 instead of $50 anticipated.

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Observers said the increase in volume of barrels of oil released by the US marketing authority was the cause of the reduction.

OPEC members had hoped that January 2017 would be the most important month in reaping their agreed reduction by 35 per cent of total output from 600 million barrels per day to about 400 million.

Sources said market reaction to the US action is still hazy, but OPEC said there is no cause for alarm.

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