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Oil prices fell 2% on Tuesday, marking their third day of declines as investors assessed the effect of U.S. sanctions on Russia's two biggest oil companies along with a potential OPEC+ plan to raise output.

Brent crude futures fell $1.29, or 2%, to $64.33 a barrel at 0856 GMT. U.S. West Texas Intermediate crude futures were down $1.20, or 2%, at $60.11.

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"Traders weighed up progress in U.S.-China trade talks and the broader outlook for supply," ANZ said in a morning note.

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The softer prices come after Brent and WTI last week registered their biggest weekly gain since June, reacting to U.S. P

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