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Oil prices witness minor rally

FXStreet (Mumbai) - Oil prices advanced on Tuesday on signs of drop in the US supply, but the ongoing concerns of a slowdown in the global economy capped gains.

At the time of writing, Brent oil futures were up40 cents or 0.81% to USD 47.73/barrel, while WTI oil was up 36 cents or 0.81% to USD 44.80/barrel. Prices received support as markets expect a drawdown of over 1 million barrels last week from the Cushing.

However, growth concerns and the drop in the share value of the commodity giants Glencore and Noble group kept the gains under check. The losses in the Asian shares and European shares also capped gains.

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