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Oil likely to slide further with no sign of glut easing

Futures down 31% this year with inventories up by more than 25%
Friday, January 1, 2016 - 05:50
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SUPPLY AT A HIGH: The gap between Brent and WTI has shrunk amid speculation the removal of a 40-year ban on US crude exports may ease the nation's oversupply. But with the spread at parity or negative, shipments into the US will probably remain elevated, said a Citigroup report.

Hong Kong

OIL headed for a second annual decline as a record pace of expansion in US crude stockpiles exacerbates a global glut.

Futures have lost 31 per cent this year and are set for the first back-to-back loss since 1998. Inventories increased by more than 101 million barrels,