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Oil prices fall below $70 a barrel as US crude enters 'bear market'

Oil prices are being hit by the double whammy of rising supplies and demand concerns

Reuters  |  London 

Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand of lower economic growth and trade disputes. Benchmark Brent crude fell below $70 a barrel for the first time since early April, down more than 18 per cent since reaching four-year highs at the beginning of October. Brent dropped $1.52 to a low of $69.13 before recovering to around $69.55 by 1430 GMT, down 4.5 per cent for the week and 16 percent this quarter. US light crude fell for a 10th successive day, dropping under $60 a barrel to its lowest in ...

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First Published: Fri, November 09 2018. 20:08 IST