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Crude Recedes For The First Time In Four Days As Saudi Says Markets Are Oversupplied

Crude oil prices snapped their three day gaining streak and are trading under the $109 a barrel level in Monday`s session as investors remained apprehensive that the spiraling prices would undermine demand for the commodity. The oil prices slipped also on the back of top exporter Saudi Arabia`s avowal on Sunday that the markets are oversupplied and it has slashed output by 800,000 barrels per day in March, indicating that OPEC will not act to rein in spiraling crude prices.

Benchmark crude for May delivery slipped $0.68 to $108.98 a barrel on the New York Mercantile Exchange. In London, Brent crude for June edged down $0.38 to $123.07 a barrel on the ICE.

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