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Oil slips as investors weigh OPEC compliance versus US rigs

Oil prices decline as investors compare drilling activity in the US with OPEC production cuts. OPEC is due to release its monthly report Monday, offering the group's first update on its progress.

Photo: Kamran Jebreili / AP Polfoto

Oil retreated near USD 53 a barrel as investors weighed rising US drilling activity against OPEC production cuts that the International Energy Agency estimates achieved a record 90 percent initial compliance rate.

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