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Oil Market’s Rally Loses Steam

Crude oil prices are treading water after the oil market rallied sharply last month. At about $47.50 per barrel, benchmark West Texas Intermediate is off slightly from a week ago because of lingering oversupply concerns. Despite pledges to cut production, OPEC actually boosted its collective exports. Meanwhile, U.S. oil production continues its slow but steady rise. And now, with the summer driving season wrapping up, oil demand is likely to soften.
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