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Oil prices slide on swelling U.S. supply, global market slump

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices fell 1 percent on Wednesday, weighed down by swelling U.S. inventories and a plunge in global stock markets amid concerns over an economic slowdown.U.S. West Texas Intermediate (WTI) crude futures were at $52.61 per barrel at 0128 GMT, down 64 cents, or 1.2 percent, from their last close.International Brent crude oil futures were down 56 cents, or 0.9 percent, at $61.52 per barrel.Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said U.S. crude inventories rose by 5.4 million barrels in the ...

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First Published: Wed, December 05 2018. 06:59 IST
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