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Oil gets cheaper due to fear of oversupply and dollar appreciation

Oil prices are falling on Tuesday due to a stronger US dollar and concerns about market oversaturation after three Gulf producing countries said they would not extend voluntary production cuts.

WTI oil futures went up during the American session

Futures on WTI oil rose during the American session on Tuesday.

OPEC still believes that global demand for oil will decline

OPEC still believes that global demand for oil will decline by around 9 million barrels per day this year, putting pressure on government revenues in the oil producing economies. However, the energy industry as a whole has had to cut costs.

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