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Friday 16 September 2016

Oil widens losses on oversupply worries : 16 Sept 2016

Crude oil futures plunged nearly 2 per cent during evening trade in the domestic market on Friday as investors and speculators weighed the prospects of an increase in supplies from Nigeria and Libya with the two OPEC nations set to bolster exports after disruptions due to domestic conflicts.

Swelling US inventories and reduced prospects for demand growth amid a slowing global economy have also led to bearish bets in the energy commodity.


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