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Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up. The OPEC and its allies, known as OPEC+, agreed on Wednesday to scale back oil production cuts from August. They will reduce their cuts to 7.7 million bpd through December from the 9.7 million bpd cuts in place since May.