Oil prices fell Thursday, as concerns that rising U.S. production will offset efforts to rebalance the market resurfaced.

U.S. crude futures closed down 70 cents, or 1.4%, at $50.60 a barrel on the New York Mercantile Exchange, ending a three-session winning streak. Prices slightly pared losses after falling as much as 2.2% earlier in the session. Brent, the global benchmark, declined 69 cents, or 1.2%, to $56.25 a barrel.

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