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Oil price drop sparked by glut concerns triggers herd mentality of selling

However, most energy analysts expect prices to bounce back and to continue to climb over the next few years

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The US oil benchmark price has dropped 9 per cent since Tuesday, falling below US$50 a barrel for the first time since Opec decided to cut production in November to support the market.

Houston

OFTEN turbulent, the oil market had become almost boring in the past few months, with prices moving little and hovering around US$51 to US$56 a barrel.

No one is yawning anymore.

The US oil benchmark price has swooned by 9 per cent since Tuesday, falling below US$50

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