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Oil falls after OPEC comments imply no supply cut

Oil prices fell on Friday as concern over global oversupply intensified after the head of oil producers’ cartel OPEC indicated there would be no cuts in production despite a huge global oversupply. Badri said rising demand would prevent a further fall in oil prices and suggested cuts in OPEC output would have little impact on the market. Brent was down 70 cents at $52.61 a barrel by 0935 GMT after