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. Last Updated: 07/27/2016

Oil Price Falls in Asia




SINGAPORE -- Oil prices slipped in Asia on Monday as major producers were seen tempted to inch output higher after last year's price rally.


February New York Mercantile Exchange crude futures last traded at $24.15 per barrel, down 7 cents from the settlement in New York on Friday.


The contract ended in New York at $24.22, a fall of 56 cents from the previous day.


Traders said a sell-off had been triggered by a Reuters' survey that showed that compliance by 10 members of the Organization of Petroleum Exporting Countrie s to their production cuts had loosened in December.


It indicated the producers' compliance slipping to 74 percent in December, from a revised 81 percent in November.