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Oil hits below $57 on supply glut, a new low after May 2009

The oil benchmark recovered ground later but was on track for its second weakest month since the global financial crisis of 2008

Reuters  |  London 

Brent crude oil fell to a five and a half year low, below $57 a barrel on Tuesday, as a global supply glut outweighed concerns of lost supply from Libya, where battling militias have closed ports.  Brent fell $1.14 a barrel to $56.74, its lowest since May 2009, before recovering to trade around $57.20 by 0950 GMT. US crude fell 60 cents to $53.01 after hitting $52.70 - also its lowest since May 2009. It fell $1.12 on Monday. Oil markets have been oversupplied this year due to increasing output of high quality, light oil from US shale and lower-than-expected consumption as a ...

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First Published: Tue, December 30 2014. 22:32 IST