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Oil plumbs 6 1/2-year low on glut, China woes

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The oil market extended its dramatic descent last week to strike a 6.5-year nadir close to US$40 per barrel on mounting fears of oversupply and poor demand, particularly from China.

London

THE oil market extended its dramatic descent last week to strike a 6.5-year nadir close to US$40 per barrel on mounting fears of oversupply and poor demand, particularly from China.

Tumbling world stock markets fanned worries that weak global economic growth will hurt