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Oil prices fall on surging US inventories, civil unrest in Libya

Oil price

Brent crude, the benchmark for Nigeria’s crude oil, fell on Thursday pressured as Organisation Petroleum Exporting Countries (OPEC)-led cuts, increase in US crude inventories and political turmoil in Libya tighten global supplies. International benchmark, Brent, futures were at $71.44 per barrel, down 29 cents or 0.4 percent from their last close while US West Texas…

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