Oil prices opened lower on Wednesday, with pessimism over US stocks raising fears that production cuts by the Organization of the Petroleum Exporting Countries (OPEC) will not rebalance the market.
Around 13:00 GMT, the price of a barrel of “light sweet crude” (WTI), the American benchmark for crude, lost 63 cents to 47.61 dollars on the contract for delivery in May to the New York Mercantile Exchange (Nymex).
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