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London — Oil prices slipped further on Friday as swelling inventories depressed sentiment despite widespread expectations that Opec and Russia would agree some form of production cut next week. Both international oil benchmarks, North Sea Brent and US light crude, have had their weakest month for more than 10 years in November, losing more than 20% as global supply has outstripped demand. Brent was down 55c at $58.96 a barrel by 10.15am GMT, while US crude was down 75c at $50.70. Both contracts have made small gains this week, their first weekly rise in almost two months. Surging oil production in the US, Russia and by members of the Middle East-dominated Opec countries has helped fill global inventories and create a glut in some markets. A slowdown in oil demand growth is compounding the emerging oversupply. “Near-term oversupply has gutted Brent prices,” said Jason Gammel, analyst at US investment bank Jefferies, adding that there was “an increasing urgency to move crude into stor...

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