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Oil slides on supply glut and growth concerns

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic dropped on Wednesday after weak Japanese export data heightened fears of a global growth slowdown.

    At the time of writing, Brent futures were down 60 cents at USD 48.12/barrel. WTI oil was down 76 cents at USD 45.52/barrels.

    The negative tone existed in Asia on account of the larger-than-expected build in US crude inventories last week reported in the NY session yesterday. The sell-off gathered pace after a sharp drop in the Japanese exports raised the prospects of a recession in Japan and further underscored the fact that global demand is anaemic.
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