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Oil prices dip on Tuesday after Monday gains

Oil prices dropped early on Tuesday after Monday’s strong gains. Brent crude oil slid just above 40 US dollars per barrel, following a 5.5 percent jump on Monday. Meanwhile, US crude also dropped in Asian trading hours, staying around 37.5 U.S. dollars per barrel after a 5.5 percent gain a day earlier. On the demand side, China’s crude imports jumped 19.1 percent between January and February to 31.80 million tons, or eight million barrels per day.
 

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