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US crude dips 19 cents, settling at $49.39, as oil exporters discuss output cuts


US crude dips
Oil prices fell on Monday as the market worried about higher output from OPEC and the United States, and as oil exporters met to discuss a deal to limit output.

U.S. crude futures ended Monday's session down 19 cents at $49.39 per barrel, after sinking to a low of $48.54 a barrel. Global benchmark Brent crude futures were down 25 cents at $52.17 a barrel by 2:19 p.m. ET (1819 GMT), after trading as low as $51.37 a barrel.

Both contracts stood well below levels hit last week, which marked their highest since late May.

Oil prices fell as much as 2 percent on Monday on selling triggered by a rebound in production from Libya's largest oil field along.

Output at Libya's Sharara field was returning to normal after a brief disruption by armed protesters in the coastal city of Zawiya, the National Oil Corporation (NOC) said. The field has boosted Libya's oil production, which climbed to more than 1 million bpd in late June.
--News from www.cnbc.com

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