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Oil industry slipping into the red

Many top firms post Q3 losses; 2016 outlook grim

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LOSING STEAM: European oil companies will on average require an oil price of around US$78 a barrel in 2016 to cover spending and dividend payments.

London

THE oil sector is gradually slipping into the red after years of fat profits as the slump in oil prices and a grim outlook bite deeper.

The world's top oil companies have struggled in recent months to cope with the halving of oil prices since June 2014, cutting spending

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