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Oil prices on Thursday couldn’t continue with the gain from the last session and resumed the declines. Oversupply concerns and global economic outlook sent Brent crude futures down by 1.2%, to $56.58 a barrel. WTI crude futures dropped by 1.6%, to $47.39 a barrel. While OPEC has already decided on curbing output by 1.2 million bpd, production cuts won’t happen until next month.