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Oil market turns bearish on excess supply concerns

Wednesday, August 3, 2016 - 05:50
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Oil has tumbled from its US$51.23 June peak, ending a recovery that saw prices almost double from a 12-year low in February.

New York

OIL fell below US$40 a barrel in New York for the first time since April, falling into a bear market on concern that the global supply glut will expand.

Saudi Arabia cut prices to Asian customers as the country continues to fight for market share. Drillers in the US