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MELBOURNE (Reuters) – Oil prices fell 1% on Tuesday on concerns that new pandemic curbs and slow vaccine rollouts in Europe will slow a recovery in fuel demand and as producers cut prices, indicating ample oil supply.

FILE PHOTO: A well head and drilling rig in the Yarakta oilfield, owned by Irkutsk Oil Company (INK), in the Irkutsk region, Russia, March 11, 2019. REUTERS/Vasily Fedosenko

U.S. West Texas Intermediate (WTI) crude futures for May delivery fell 62 cents, or 1%, to $60.94 a barrel at 0149 GMT. The April contract expired on Monday at $61.55, up 13 cents from Friday, after plunging more than 6% last week.

Brent crude futures for May dropped by 68 cents, or 1.1% to $63.94, erasing a 9 cent

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