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1/22, 6:00 PM (Source: TeleTrader)
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Oil slips amid oversupply concerns

Oil prices slipped on Wednesday as traders digested the latest surplus forecast coming from the International Energy Agency.

Agency's head Fatih Birol said earlier that he sees "an abundance of energy supply in terms of oil and gas" and a surplus of as many as one million barrels a day in the first six months of 2020.

On top of that, the US Energy Information Administration has in its latest monthly report seen a rise of 22,000 barrels per day in US shale output, forecasting the figure would reach 9.2 million barrels a day in February.

West Texas Intermediate futures for March settlement dipped 2.32% to $56.94 per barrel at 11:43 am ET, the lowest level since December 4. International benchmark Brent for delivery in the same month retreated 1.83% at 11:48 am ET, going for $63.30 per barrel.

Breaking the News / GG