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Oil prices steadied today, breaking a five-day winning streak, as the market refocused on demand concerns after OPEC on Monday cut its 2024 demand growth forecast due to weaker expectations in China.
Brent crude futures fell 30 cents, or 0.36%, to $82 a barrel, while U.S. West Texas Intermediate crude futures fell 29 cents, or 0.36%, to $79.77 a barrel.
Brent crude rose more than 3% on Monday, while U.S. crude futures rose more than 4% on expectations of a widening conflict in the Middle East that could lead to supply disruptions.
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