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LONDON, Sept 11 - Oil prices edged lower on Monday after fresh Saudi and Russian crude output cuts had driven prices to 10-month highs last week.
Brent crude fell by 23 cents, or 0.25%, to $90.42 a barrel by 1051 GMT on Monday while U.S. West Texas Intermediate crude lost 46 cents, or 0.53%, to $87.05. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged.
The euro zone is forecast to grow more slowly than previously expected in 2023 and 2024, the European Commission said on Monday, held back by a sluggish German economy. It is now projecting GDP growth of 0.8% this year for the zone's five largest economies, down from the 1.1% forecast in May.
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