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Oil prices hit near 6-year lows despite record China crude imports

Oversupply and weak demand continue to weigh on prices

Reuters  |  Singapore 

Oil prices continued their rout on Tuesday with Brent crude and US WTI both falling to their lowest in almost six years, as a persistent global supply glut offset data showing record high imports by key consumer China. The benchmark prices have plunged 60% from their 2014 peaks hit in June, dragged down by losses of more than 36% seen in the past seven weeks. "Oversupply and weak demand still plagues the oil market. These fundamental factors ... will continue to push it down if (they) do not change," Singapore-based Phillip Futures said. February Brent crude fell ...

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First Published: Tue, January 13 2015. 12:59 IST
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