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Oil retreats as traders pencil in inventory rise, Russia casts doubt on deeper output cuts

October 29, 2019


Oil futures were under pressure Tuesday for a second day in a row, pressured by expectations for a rise in U.S. inventories and remarks that cast doubt on Russia’s enthusiasm for deeper production cuts as part of its agreement with the Organization of the Petroleum Exporting Countries.

West Texas Intermediate crude for December delivery CLZ19, -1.33% fell 71 cents, or 1.3%, to $55.10 a barrel, while December Brent BRNZ19, -0.81% gave up 71 cents, or 1.2%, to trade at $60.86 a barrel. Oil ended lower Monday, unable to keep pace with a stock market rally that lifted the S&P 500 to its first record close since late July.

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