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The big oil battle has just started

The war over oil market is just beginning. And in its first battle against OPEC, the U.S. appears to have blinked.

The U.S. crude output growth buckled last month, as the rig count continues to fall and producers face pressure to cut costs, the International Energy Agency said Wednesday. The output slipped 25,000 barrels a day to 12.6 million barrels a day in April.


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