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April 7, 2020, 2:39 p.m. EDT

Oil futures end lower after EIA cuts price forecasts

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By Myra P. Saefong

Oil futures settled lower on Tuesday, giving up earlier gains after the Energy Information Administration lowered its U.S. and global benchmark crude price forecasts for this year and next. Traders also weighed prospects for a global output cut when major producers meet later this week. May West Texas Intermediate oil fell $2.45, or 9.4%, to settle at $23.63 a barrel on the New York Mercantile Exchange.

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Oil ends lower as EIA cuts price forecasts and traders weigh prospects for a global output cut

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