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Oil loses ground as rising U.S. output threatens to disrupt tightening market

Oil prices gave up earlier gains as the relentless rise in U.S. crude production threatens to undermine efforts led by producer cartel OPEC to tighten the market.

Brent crude futures LCOc1 were at $69.35 per barrel at 0722 GMT, down 12 cents, or 0.2 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $65.15 a barrel, down 2 cents from their previous settlement.

Both benchmarks on Wednesday hit their highest levels since early February, having risen around 10 percent from March lows.

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