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Oil prices to stay near current level throughout 2016, World Bank says

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Oil prices to stay near current level throughout 2016, World Bank says

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Phillip Inman Economics correspondent: Tuesday 26 January 2016 18.08 GMT

The World Bank has slashed its forecast for oil prices this year, saying the cost of a barrel of crude will stay near its current lows for the rest of 2016.

The Washington-based institution said a glut of oil that sent prices crashing by almost half last year and another 27% this month will continue to dominate the market for the next year.

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