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Brent Fell almost -4% as OPEC Members Cut Prices to Gain Market Share

Crude oil fell as the week began as concerns over slowdown in China dampened demand prospect. Meanwhile, news that both Iran and Kuwait cut oil prices in an attempt to gain market share, and that Iraq would ramp up production from the Basra wells in the South, also weighed on prices. The front-month WTI contract dropped -1.41% while the Brent contract fell -3.68%.