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Crude Oil Tumbles As OPEC Deal Flops

Crude oil futures fell Thursday after OPEC admitted its production rose in July despite a supply quota agreement with Russia.

The cartel pumped oil at a relatively robust pace even as Saudi Arabia tried to get smaller members to comply.

Organization of the Petroleum Exporting Countries' output rose by roughly 0.5%, to 32.87 million barrels a day last month, up by 172,600 barrels from June.

WTI light sweet crude oil dropped 82 cents to $48.72 a barrel, down from a 2-month high near $50.

In economic news, the Labor Department released a report on Thursday showing an unexpected decrease in U.S. producer prices in the month of July.

The producer price index for final demand edged down by 0.1 percent in July after inching up by 0.1 percent in June. Economists had expected another 0.1 percent uptick.

by RTT Staff Writer

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