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Oil and US share prices tumble over fears for global economy

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Rupert Neate in New York and Phillip Inman in London

Wednesday 13 January 2016 22.15 GMT

Wednesday’s stock market declines were triggered by new figures showing US gasoline stockpiles had increased to record high, which caused Brent crude prices to fall as low as $29.96, their lowest level since April 2004, before settling at $30.31, a 1.8% fall. The oil price has fallen by 73% since a peak of $115 reached in the summer of 2014.

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