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Oil prices dip owing to the increasing US inventories and concerns of global glut in the market. These reasons dragged the oil prices on Thursday but OPEC helped it from dropping further through its supply cut offerings. International benchmarks, Brent futures went down by 0.3% and was traded at $63.28 per barrel while US WTI dipped by 0.5% and was traded at $53.38 per barrel.
