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Brent oil prices drop by 2pc as traders expect output rise after Opec deal

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Opec and non-Opec partners including Russia have since 2017 cut output by 1.8 million barrels per day (bpd) to tighten the market and prop up prices.— Reuters pic

SINGAPORE, June 25 — Brent crude oil prices fell by more than 2 per cent early today as traders factored in an expected output increase that was agreed at the headquarters of the Organisation of the Petroleum Exporting Countries (Opec) in Vienna on Friday.

Brent crude futures, the international benchmark for oil prices, were at US$73.90 (RM296.23) per barrel at 0035 GMT, down 2.2 per cent from their last close.

US West Texas Intermediate (WTI) crude futures were at US$68.36 a barrel, down 0.3 per cent, supported by a slight drop in US drilling activity.

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The Malay Mail Online

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