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Oil dips as Kuwait downplays OPEC output cut

Traders in crude oil and natural gas options work on the floor of the New York Mercantile Exchange on August 4, 2010World oil prices fell on Monday, reversing earlier gains as OPEC member Kuwait declared that the oil cartel would likely refrain from cutting output when it meets later this month. Brent North Sea crude for delivery in December dropped 47 cents to trade at $82.92 a barrel in late afternoon deals in London. US benchmark West Texas Intermediate for December slid 93 cents to $77.72 a barrel compared with Friday’s closing level. OPEC is not likely to cut crude output when it meets in Vienna amid hopes that the market will absorb surplus supplies, the Kuwaiti oil minister said on Monday.

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