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Futures Movers: Oil extends declines, with U.S. benchmark dropping below the key $70 level

Oil prices on Thursday looked set to extend their sharp losses from a day earlier, after a monthly report from the International Energy Agency hinted at a slowdown in crude demand and revealed an uptick in global supplies.

Traders also looked to the resumption of Libyan oil exports and mulled the impact of the U.S.-China trade dispute on the global economy, and oil demand.

August West Texas Intermediate crude CLQ8, -0.75% the U.S. benchmark, was down $1.04, or 1.5%, to $69.34 a barrel on the New York Mercantile Exchange. Prices haven’t ended a session below the $70 mark since June 25.

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