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Oil falls as OPEC set to raise production

Oil falls as OPEC set to raise production

Mubasher: Oil prices declined on Thursday, as expectations mount towards an increase of output by the Organization of the Petroleum Exporting Countries (OPEC).

Nymex futures fell 0.3% to $65.54 per barrel, after registering $64.34 a barrel earlier in the session.

Meanwhile, brent futures for August delivery dropped 2.2% and settled near $73.1 per barrel.

Tehran is reportedly objecting easing the OPEC-led output cut agreement, while Saudi Arabia and Russia are supporting the moves to increase production in order to make up for the effects of the United States sanctions on both Iran and Venezuela.