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Oil hits five-month low amid warnings of commodities rout

 

Oil prices have fallen sharply along with other commodities as the prospect of slowing growth in the US and China blunts optimism about the global economy. Stocks fell across the Asia Pacific region for the third day running thanks to a 5% drop in the oil price on concerns of a supply glut. Analysts have forecast further losses amid signs that demand will not be strong enough to soak up the excess production.

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