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Oil prices tumble

Video Credit: Reuters Studio - Duration: 00:53s - Published < > Embed
Oil prices tumble

Oil prices tumble

Oil prices fell 4 percent on Tuesday after reports of swelling inventories and forecasts of record U.S. and Russian output combined with a sharp sell-off in stock markets.

Fred Katayama reports.


Oil prices tumble

Oil prices tumbling on Tuesday.

U.S. crude dropped 4 percent to a low of $47.84 a barrel, then paired some of that decline.

Sparking the fall: rising inventories and forecasts of record production by the U.S. and Russia.

The global stock selloff added to the downdraft.

ING commodities strategist Warren Patterson said, "There are no clear signs yet of the market tightening." Crude prices have now fallen more than 30 percent since early October.

Sources tell Reuters Russian oil output hit a record this month.

And the U.S. Energy Information Administration predicts oil production from seven major U.S. shale basins will top 8 million barrels per day for the first time by year end.

Analysts say rising U.S. output and slowing global economic growth threaten to offset the efforts by OPEC and other oil producers to cut production.

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