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Oil prices slumped over 1% on Tuesday. The markets went down for a third straight session when the forecasts revealed record shale output in the US. Brent crude futures went down by 1.2% and were traded at $58.90 per barrel. WTI slipped by 1.2% and were traded at $49.27 per barrel. The repercussions of production cuts planned by OPEC and the worries of future oil demand affected the market.