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Oil Falls Back Below $78 After OPEC Cuts Outlook (USO)

Crude oil futures have fallen back below $78 a barrel after OPEC cut its price and demand expectations in its latest World Oil Outlook. OPEC, or the Organization of Petroleum Exporting Countries whose 12 members include Saudi Arabia, the UAE, and Venezuela, said that in 2013 dollars, oil prices are expected to remain near $110 a barrel, corresponding to a small decline in real values.
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