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Oil begins the week on a softer note

FXStreet (Mumbai) - Oil prices at the both the sides of the Atlantic dipped on Monday as investors ignored the upward revision of the US Q2 GDP and remained focused on excess supply and weaker global growth.

At the time of writing, Brent Crude was down 1.77% at USD 47.74/barrel and WTI Crude oil was down 2% at USD 44.77/barrel. The European stock markets turned lower on global growth concerns, which hurt the risk sentiment and added to the bearish pressure on Oil.

Later in the day, the International Monetary Fund will publish its new macroeconomic outlook and expectations are that the fund will cut its forecast for global economic growth.

Meanwhile, the personal spending and personal income report in the US could affect the US dollar and influence the crude oil prices as well.

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