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Crude oil recovers off lows but glut keeps lid on gains

Oil recovered from earlier lows on Tuesday but remained well below $50 per barrel under pressure from a market supply glut and concerns about the demand outlook.

Brent crude futures LCOc1 were up 40 cents at $49.19 by 0857 ET, but gains were kept in check by Russian production hitting a post-Soviet peak and a weaker outlook for demand from China.

U.S. crude futures CLc1 were up 31 cents $46.53 per barrel, after falling in the previous session on higher stockpiles.

Source - Read More: www.reuters.com

 
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