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April 4, 2016

Oil prices fall as US gasoline demand declines

Oil prices have dropped to a one-month low as demand for gasoline in the US falls.

Oil prices have dropped to a one-month low as demand for gasoline in the US falls.

Brent crude fell 26 cents at $37.43 a barrel, while the US futures fell by 21 cents to $35.49, Reuters reported.

Doubts on whether oil producers will agree on the output freeze proposal also led to a fall in oil prices.

"Saudi Arabia said it will only freeze production if Iran agrees to do so."

Data revealed by the US Energy Information Administration found that gasoline demand in the US witnessed a slump in January.

Major oil producers are set to meet in Doha on 17 April to discuss on output freeze proposal at January levels, but a rise in Russian oil production in March has cast doubt over the chances of agreement.

Saudi Arabia said it will only freeze production if Iran agrees to do so.

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BNP Paribas analysts said that an emerging gasoline glut could add to a global overhang in crude production and prices could come down further.

Kuwait OPEC Governor Nawal Al-Fuzaia said that an agreement at the meeting could freeze output at February levels or an average of January, as well as February.

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