LONDON: Brent crude oil fell US$2 to a 50-month low under US$76 a barrel as oil producers in the Organisation of the Petroleum Exporting Countries (Opec) looked set to keep output unchanged despite a huge oversupply in world markets.
Oil prices have fallen by a third since June as increasing production in North America from shale oil has overwhelmed demand at a time of sluggish global economic growth.
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