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IEA says oil price has hit floor between $50-$60

CAPE TOWN (Reuters) – Volatile oil prices have reached a floor of between $50-$60 and OPEC is unlikely to announce major cuts in September, a senior IEA oil analyst said on Wednesday.

Oil slid below $67 a barrel on Wednesday, extending losses from the more than $1 retreat the day before, on renewed concerns over the U.S. economy after a drop in consumer confidence and bearish API crude data.

Reuters



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