The cuts added to an already lackluster trend. "These are very worrying days for oil producers," he wrote in a note to clients. "With oversupply leading to persistent downward pressure on near term prices we expect subdued trading for the remainder of the week," wrote Kash Kamal, research analyst at Sucden Financial.
The average price of OPEC's basket of crudes has fallen below $US90 a barrel for the first time in more than two years amid abundant supplies.
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