Oil prices fell today, on worries over a global glut, while surveys showing a contraction in manufacturing activity in China and Japan also created a drag on market sentiment. An expected drawdown in US crude stocks, however, put a floor under prices.
Brent crude was down 22 cents, at US$63.12 a barrel, after closing the previous session up 32 cents.
US crude for August delivery fell 38 cents to $60.00 a barrel.
The July contract, which expired yesterday, closed, up 7 cents at $59.68 a barrel.
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