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Futures Movers: Oil prices slide further as Iraq prepares to ramp up exports

Crude oil prices extended their decline Tuesday, as optimism for a production freeze faded on reports that Iraq is preparing to ramp up exports and Nigeria could follow soon.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October CLV6, -1.14% lost 31 cents, or 0.7%, to $47.11 a barrel. October Brent crude on London’s ICE Futures exchange LCOV6, -0.96% fell 16 cents, or 0.4%, to $48.98 a barrel.

Prices had risen for three straight weeks on expectations that the Organization of the Petroleum Exporting Countries would agree to freeze production at an informal meeting in September.

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