June 8, 2015 2:29 PM

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Oil down after OPEC meeting

Oil prices fell in Asia today after Organisation of the Petroleum Exporting Countries (OPEC) decided to maintain its high output levels. US benchmark West Texas Intermediate for July delivery fell 59 cents to 58.54 dollar while Brent crude for July eased 56 cents to 62.75 dollar in mid-morning trade.On Friday, OPEC defied calls to cut output to alleviate a global supply glut that has seen prices slump almost 50 per cent over the past year. Instead, they kept their collective target at 30 million barrels per day — where it has stood for more than three and a half years.

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