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Oil drops as market braces for more Opec crude and Wall Street slips

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NEW YORK, June 26 ― Oil fell yesterday as investors prepared for an extra 1 million barrels per day (bpd) of oil to hit markets after Opec agreed to raise production and as US equity markets slipped on trade war fears.

Brent crude futures fell 82 cents, or 1.1 per cent, to settle at US$74.73 (RM300) a barrel. US light crude settled at US$68.08 a barrel, down 50 cents.

“The trade tensions and overall global market concerns are what’s holding crude back today,” said Bill Baruch, president of Blue Line Futures in Chicago.

US stocks sank in a broad sell-off on escalating US-China trade tensions.

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The Malay Mail Online

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