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NNA – Oil field workers on a rig in Tioga, North Dakota. Don’t expect oil price to move much higher in coming months.
Oil prices sharply extended losses just before Tuesday’s settlement, with U.S. crude breaking below $48 a barrel for the first time in more than a month.
U.S. West Texas Intermediate futures and international benchmark Brent crude were both down more than 2 percent. The contracts surrendered gains earlier in the session as rising output in the United States, Canada and Libya offset news of falling production in Russia and OPEC.