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Oil prices dip on oversupply concerns

Crude Oil

Oil prices fell in Asia today as supply outlook improved with both commodities hovering close to the key dollar 50 mark, worrying traders about producers coming back online.

Crude dipped after two days of strong gains which saw the commodity soar past the benchmark that makes financial sense for producers to restart production.

Prices had been falling following the global financial market turmoil that followed last week’s British vote to bolt out of the European Union.

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