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Oil prices drop after jump the day before; glut, economy concerns drag

Oil fell on Thursday after soaring 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market surge offered support.

Brent Crude oil futures were down 22 cents, or 0.4 percent, at $54.25 a barrel by 0634 GMT. They rose 8 percent to $54.47 a barrel the day before.

U.S. West Texas Intermediate (WTI) crude futures fell 0.56 percent to $45.96 per barrel. They jumped 8.7 percent to $46.22 per barrel in the previous session.

Both crude benchmarks are down roughly 40 percent from highs touched in October.

Global stocks rebounded on Wednesday on the back of the Trump administration’s attempt to shore up investor confidence and a report on strong U.S. holiday spending.

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