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Oil extends rout as economic worries mount

Brent has lost more than 28% since June amid slow demand and abundant supply

Reuters  |  Seoul/Singapore 

Brent crude fell to near four-year lows on Thursday and US oil lost more than a dollar as growing concerns over the global economy stretched a four-month rout. Brent has lost more than 28% since June amid slow demand and abundant supply, with losses accelerating in recent weeks on signals that the Organization of the Petroleum Exporting Countries will not slash output to rescue prices. Brent crude for November delivery was down 81 cents at $82.97 a barrel by 0450 GMT, its lowest mark since November 2010. The contract expires on Thursday. US crude fell $1.03 to $80.75 a ...

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First Published: Thu, October 16 2014. 10:48 IST
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