Crude oil price slumps amid global glut concerns

The price of oil has dropped below $50 in New York trading for the first time since December as concerns that Opec’s output cuts are failing to restrain record US stockpiles triggered the biggest slump in more than a year.

Crude oil price slumps amid global glut concerns
Fri, 10 Mar, 2017 - 00:00
Mark Shenk and Grant Smith

West Texas Intermediate fell up to 3% after losing 5.7% in the previous three sessions.

Crude supplies rose 8.2 million to the highest level in weekly US government data since 1982.

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CourtsOil pricesBusinessEconomyFinancePlace: New YorkPlace: USPlace: TexasPlace: WashingtonPlace: LondonPerson: Harold HammPerson: Adam SieminskiPerson: BrentOrganisation: Opec&rsquoOrganisation: US governmentOrganisation: Organisation of Petroleum Exporting CountriesOrganisation: Goldman SachsOrganisation: Centre for Strategic and International StudiesOrganisation: Energy Information AdministrationOrganisation: OPECOrganisation: West Texas IntermediateOrganisation: New York Mercantile ExchangeOrganisation: ICE Futures Europe exchangeOrganisation: Bloomberg
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