U.S. oil prices slip as some OPEC producers export more

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Oil prices slipped on Tuesday, pulling back from recent gains as exports from key OPEC producers rose and despite news of lower crude shipments from Saudi Arabia.

The oil market has been in consolidation mode after a sharp rally between mid-June and late July pushed U.S. crude futures above $50 a barrel for the first time in several weeks. The price slipped back below $50 and has traded around that number as world supply has been slow to draw down.

“It’s just unable to break above $50,” said Kyle Cooper, consultant for ION Energy in Houston. “It’s boring, but there’s a fundamental justification for prices being stuck between $45 and $55 without a significant geopolitical event”…

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