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Oil slides on supply glut and growth concerns

FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic dropped on Wednesday after weak Japanese export data heightened fears of a global growth slowdown.

At the time of writing, Brent futures were down 60 cents at USD 48.12/barrel. WTI oil was down 76 cents at USD 45.52/barrels.

The negative tone existed in Asia on account of the larger-than-expected build in US crude inventories last week reported in the NY session yesterday. The sell-off gathered pace after a sharp drop in the Japanese exports raised the prospects of a recession in Japan and further underscored the fact that global demand is anaemic.

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