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Futures Movers: Oil prices hold near five-week lows

Oil prices on Tuesday held ground near their lowest levels in five weeks as traders focused on output from Libya and rising U.S. production.

The market will also take its cue from coming weekly data on U.S. crude and petroleum-product supplies, as well as talk from major oil producers ahead of a much-anticipated Organization of the Petroleum Exporting Countries meeting late this month.

June West Texas Intermediate crude CLM7, -0.51% fell 24 cents, or 0.5%, to $48.60 a barrel on the New York Mercantile Exchange. Prices on Monday had lost 1% to settle at a five-week low of $48.84.

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