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Analysts expect surging U.S. output to start offsetting efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to withhold production, which have been in place since early 2017 and have pushed up prices significantly in the first half of this year.
Brent crude futures (LCOc1), the international benchmark for oil prices, were at $76.21 per barrel at 0504 GMT, down 25 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures (CLc1) were down 21 cents, or 0.3 percent, at $65.52 a barrel.
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