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Summary Oil was down in Asian trade on Tuesday amid speculation that OPEC may boost crude supplies.
According to analysts, New Yorks main contract, light sweet crude for July delivery, lost 52 cents to $98.49 a barrel and Brent North Sea crude for July delivery dipped 41 cents to $114.07.“Today the focus will still be on the OPEC meeting, as other countries including Saudi Arabia want to hike production and keep prices lower, said Ker Chung Yang, a commodity analyst at Phillip Futures in Singapore.Only Iran and Venezuela may not want to hike production and want to keep prices higher, he added.The 12-nation Organisation of the Petroleum Exporting Countries (OPEC) oil cartel will meet on Wednesday in Vienna
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