Oil slips $1 on concerns U.S. production is rising | Reuters

Oil slips $1 on concerns U.S. production is rising | Reuters:
"Oil fell by $1 a barrel on Monday as signs of growing U.S. production outweighed optimism that many other producers, including Russia, were sticking to a deal to cut supplies in a bid to bolster the market.

A stronger U.S. dollar also weighed as the currency surge made it more expensive to hold dollar-denominated commodities. [FRX/]

Brent crude futures LCOc1 were down $1.01, or 1.8 percent, at $56.09 a barrel at 1006 GMT (5:06 a.m. ET). U.S. crude futures CLc1 were trading at $52.99 per barrel, down $1, or 1.85 percent.

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