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Oil prices slipped on Tuesday afternoon as investors focused on a bearish outlook from the International Energy Agency after U.S. crude gained on technical support earlier in the session.
The IEA said the world oil market would remain oversupplied for at least another year despite falls in output from non-OPEC producers.
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"(Monday's) sharp drop lower is being deemed an overreaction," said energy analyst Tony Headrick of Minnesota-based commodity brokerage CHS Hedging. Oil fell 5 percent on Monday as traders took profits after last week's surge to an 11-week high.
Traders also noted a weaker U.S. dollar, which hit a three-week low earlier on Tuesday, added some support to the higher crude prices.