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Oil prices fall amid renewed oversupply fears in the commodity market

Oil prices fell below $50 a barrel on Friday amid concerns that the U.S. President Donald Trump's to abandon a global climate agreement could lead more intensive crude drilling in the United States, thereby maintaining a constant glut in the raw markets.

Brent crude futures fell by 1.7%, or 80 cents, at $49.75 per barrel. WTI crude futures slumped 87 cents, or 1.81%, to $47.46 per barrel.

Oil prices are down about 7.5% after OPEC's decision on May 25 to cut oil production.

Faced with a prolonged glut in the market, the oil cartel also discussed last week decreasing output by a further 1 to 1,5%, according to sources.

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