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Global oil layoffs top 100,000 as job pilgrims' dreams shatter

Companies cutting back on staff as oil price plunges to under US$50 a barrel

The outlook isn't brightening. After briefly rising above US$50 this month, US crude fell again on Wednesday to settle at US$48.84 a barrel. Citigroup said oil could drop to "the US$20 range" by April.


THE promise of plentiful jobs and salaries as high as a quarter-million dollars a year lured Colombia native Clara Correa Zappa and her British husband to Perth, Australia, at the height of the continent's oil-and-gas frenzy.

Engineers were in high demand in 2012, when oil...

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