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Futures Movers: Oil prices fall on concerns about U.S. supply glut

Oil prices pulled back on Thursday, paring gains after the U.S. reported mixed data showing the pace of inventory falls slowed, triggering worries that the supply overhang would last for longer.

A fall in production, however, helped underpin prices.

After settling on Wednesday at their highest levels in nearly a month, Brent crude LCON7, -1.65% , the global oil benchmark, fell 93 cents, or 1.8%, to $51.29 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures CLM7, -1.63% were trading down 85 cents, or 1.7%, to $48.22 a barrel.

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