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Oil Drops Below $50 As Record U.S. Exports Seen Flooding Market

BLOOMBERG NEWS
Oil Drops Below $50 As Record U.S. Exports Seen Flooding Market

Oil slid below $50 a barrel for the first time in two weeks as a flood of U.S. crude reignited concerns over a global glut. Futures fell 0.9% in New York after a government report showed record U.S. exports at a time when autumn refinery maintenance typically lowers demand. The decline is also likely being spurred by producers rushing to...