BUENOS AIRES, Jan 5 (Reuters) – Argentina's new government has agreed to cut the price of locally produced oil by 12 percent to $67.5 per barrel, which is still higher than global crude prices, local media said on Tuesday.
Argentina sets the price that refineries pay for crude as a way of bolstering the local oil production industry.
Global benchmark Brent crude prices were down 22 cents at $37 a barrel at 1057 GMT. U.S. West Texas Intermediate (WTI) crude slipped 4 cents to $36.72 a barrel.
(Reporting by Hugh Bronstein; Editing by Greg Mahlich and Chizu Nomiyama)
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