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Oil markets fell again on Wednesday, extending losses from a 7 percent plunge the previous session as surging supply and the specter of faltering demand scared off investors.
U.S. West Texas Intermediate (WTI) crude oil futures were at $55.26 per barrel at 0600 GMT, down 43 cents, or 0.8 percent, from their last settlement.
International benchmark Brent crude oil futures (LCOc1) were down 36 cents, or 0.6 percent, at $65.11 per barrel.
Crude oil has lost over a quarter of its value since early October in what has become one of the biggest declines since a price collapse in 2014.
Reuters’ technical commodity analyst Wang Tao said Brent and WTI would both likely fall further, with a likely Brent range of $62.18-$63.95 a barrel and an expected WTI range of $53.26-$54.13 per barrel.
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