Oil price drops on US supply surge

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Oil prices fell by more than 1 percent on Thursday on swelling U.S. supply and amid caution after talks between the United States and China finished without any concrete details on a resolution to their trade disputes.

US WTI crude oil futures were at $51.66 per barrel, down 70 cents, or 1.3%, from their last settlement. International Brent crude futures were down 1.2%, or 72 cents, at $60.72 per barrel. Both oil benchmarks rose by around 5 percent on the previous day.

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