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Oil prices fell on Thursday as disappointment over OPEC's production policy set in among investors. Delegates signaled the oil producer group had agreed to extend production cuts by nine months to March 2018. They also said non-OPEC producers would also carry over the deal.
Brent oil fell $2.09, or 3.9 percent, to $51.87 a barrel just before 1 p.m. ET (1700 GMT). U.S. West Texas Intermediate (WTI) crude futures were down $2.12, or 4.1 percent, at $49.24. The reserve, which now totals 687.7 million barrels, was established after the 1970s oil crisis to ensure the U.S. economy would not suffer shocks in times of tight supply.

 

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