Oil prices slipped on Friday as the market refocused on a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers cut their output significantly. International Brent crude futures LCOc1 traded at $45.24 per barrel at 1145 GMT, down 60 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading 66 cents lower at $44.00 per barrel. Crude futures contracts have in the past week wiped out the gains made since the end of September when the Organization of the Petroleum Exporting Countries said it would agree to cut oil production to shore up persistently low prices.
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