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<Commodity>Oil Prices Slump ~3% amid Oversupply Concern
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Oil prices slumped further on Tuesday, as traders weighed the oversupply of crude oil and the potential peace agreement in Ukraine. Prices of US crude oil and Brent crude oil have sagged over 20% so far this year. New York oil futures for January delivery once busted below the US$55 level, dropping US$1.55 or 2.7%, to settle at US$55.27, marking the trough since February 2021. Brent oil futures for February delivery fell US$1.64 or 2.7%, to close at US$58.92. AASTOCKS Financial News Website: www.aastocks.com |
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