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U.S. oil supply to drop for first time in eight years in 2016: OPEC


U.S. oil output will decline in 2016 for the first time in eight years as producers slash spending, the Organization of the Petroleum Exporting Countries said Monday, boosting demand for the cartel’s own crude and vindicating its strategy of defending market share over price.

In its closely watched monthly oil market report, OPEC slashed its U.S...