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Brent Oil down 2%


Brent Oil 2% lower on the day around $38.75/barrel. Optimism over possibility of joint OPEC and non-OPEC effort to support price faded on Monday after Iran’s refusal to commit to output freeze led to a postponement of OPEC and non-OPEC meeting to April.
Pressure after monthly report  
OPEC, via its monthly report, signaled lower demand for its oil in 2016 and said surplus will increase to 760K bpd from 720k bpd in last month’s estimate.

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