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2017.04.2422:33:00UTC+00Oil Hits Lowest in Four Weeks on Hints of Oversupply

Oil prices skidded to its lowest in four weeks, extending last week's decline, as signs of global oversupply and increasing US production keep countering a widely anticipated surge.

Brent crude futures on Tuesday stood at $51.63 a barrel. The West Texas Intermediate crude oil futures stood at $49.23 per barrel.

Crude prices lost around 7% last week, partly on hints the escalating American shale output counter efforts by OPEC and non-OPEC members to slash their output in order to shore up the market.

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