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Crude oil continues fall to hit 4-year low amid oversupply

It has fallen 25% from the mid-June peak; analysts say prices will drop further unless Opec cuts output

Published Wed, Oct 15, 2014 · 09:50 PM

London

BRENT crude fell to a fresh 47-month low on Wednesday before recovering to just above US$84 a barrel as faltering global growth curbed demand for fuel at a time of heavy oversupply.

Oil saw its biggest daily fall in more than three years on Tuesday after the West's energy watchdog slashed its forecasts for world oil demand for this year and 2015.