Bearish correction hitting oil price

OIL prices plummeted to a three-month low in New York in trading overnight, as US stockpiles continue to increase, production rises globally, forcing futures trade to close below the psychologically important $US50 per barrel level, suggesting they may re-test March's six-year lows.

Bearish correction hitting oil price Bearish correction hitting oil price Bearish correction hitting oil price Bearish correction hitting oil price Bearish correction hitting oil price

The Energy Information Administration data shows US stockpiles rose by 2.47 million barrels last week, in sharp contrast to a 2-2.2MMbbl drop expected by many forecasters based on previous experience.

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