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    26.01.2016 06:56 Oil prices declined

    West Texas Intermediate futures for March delivery fell to $29.48 (-2.83%), while Brent crude plunged to $29.58 (-3.02%) amid oversupply concerns. Iraq oil minister said his country planed to increase output by about 200-300,000 barrels per day to 4 million bpd. Meanwhile the chairman of Saudi Arabian Oil Co. said the Kingdom of Saudi Arabia would be able to handle low oil prices for a long time and that it does not intend to cut investment for oil and gas projects. Market participants are also bracing for additional supplies from Iran.

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