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19-Dec2018

Crude oil futures end lower as supply worries pummel market

Crude oil futures ended lower with cut of over seven percent on Tuesday, sending benchmark crude prices to their lowest finish in nearly 16 months, as concerns over a potential global supply glut rattled the market. Losses for oil magnified after it was reported that Russia was increasing its output to 11.42 million barrels a day this month. Meanwhile, a recent US government forecast calling for further gains in domestic shale oil production and expectations for an economic slowdown fed concerns over a potential global glut in crude supplies.

Benchmark crude oil futures for January plunged $3.64 or 7.3 percent to settle $46.24 a barrel on the New York Mercantile Exchange. February Brent crude dropped $3.35 or 5.6 percent to settle at $56.26 a barrel on London's Intercontinental Exchange.



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