Weak IEA outlook, US glut worries affect oil prices
By Agence France Presse | China Daily | Updated: 2015-02-12 07:48
Oil prices slumped on Tuesday after the International Energy Agency issued a downbeat global market outlook and traders braced for a further increase in record US crude-oil stockpiles.
US benchmark West Texas Intermediate for March delivery tumbled $2.84 to close at $50.02 a barrel.
The global benchmark, Brent North Sea crude for March, settled at $56.43 a barrel in London trade, down $1.91 from Monday's closing level.
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