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Oil producers were lower in Asia Pacific trading on Tuesday after the price of oil dipped by 2 per cent overnight.
Among the largest listed producers on Sydney’s S&P/ASX Energy index, Beach Energy was down 1 .1 per cent, Santos was 0.5 per cent lower, Origin Energy lost 0.2 per cent and Woodside Petroleum was off 0.1 per cent. The S&P/ASX 200 index was down 0.3 per cent.
The moves followed a 2 per cent decline for Brent crude overnight, with the international benchmark closing at $62.45 a barrel.
ANZ said commodities were broadly under pressure with a rising US dollar and a risk-on tone in the markets.
The oil price “also wasn’t helped by the market returning its focus to US shale oil output after last week’s agreement to extend the OPEC-led production cuts,” the bank’s analysts said, noting a rise in the US rig count last week and a decision by a major US producer to more than triple its output over the coming years.