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Oil sinks to four-year low below $83 as economic worries mount

Losses have accelerated in October on signals that the OPEC countries haVE no plan to cut output

Reuters  |  London 

Oil fell more than $1 a barrel on Thursday to a four-year low below $83 a barrel as growing concerns over the global economy stretched a four-month rout. Global benchmark Brent has lost more than 28 per cent since June on slow demand and abundant supply. Losses have accelerated in October on signals that the Organization of the Petroleum Exporting Countries (Opec) has no plan to cut output. Brent crude for November delivery had dropped to $82.60 a barrel, the lowest since November 2010 and was down 93 cents at $82.85 a barrel by 1245 GMT. US crude was down $1.45 at $80.33 a barrel, ...

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First Published: Thu, October 16 2014. 22:35 IST
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