* Crude oil dropped as raising OPEC output, and the reopening of terminals in Libya dented investor expectations for a global supply shortage.
* Inventories of U.S. crude fell by 12.633 million barrels for the week ended July 6, confounding expectations for a draw of 4.489 million barrels
* PEC forecast world demand for its crude will decline next year as growth in consumption slows and rivals pump more, pointing to a market surplus returning.
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