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Oil falls to multi-week lows on glut worry; petrol up on outages

US oil output has grown more than that of any producer since 2010, data shows. A weekly reading on the US oil rig count showed a rise for the 11th out of the last 12 weeks.

New York

CRUDE oil prices fell 2 per cent on Friday to multi-week lows as swelling Iranian exports reinforced fears of a global glut, while petrol rallied on refinery and pipeline outages.

Falling US equity markets and a rising US dollar also weighed on crude futures and other...

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