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Oil drops to lowest since 2008, Brent falls below $48/barrel

FXStreet (Mumbai) - Oil prices have dropped to the lowest since December 2008 as markets believe the supply glut could worsen in 2016 on OPEC’s renewed determination to defend market shares.

At the time of writing, Brent oil was trading at USD 38.97/barrel; down 1.9% or 75 cents. WTI oil was down 1.25% or 46 cents at USD 36.30/barrel.

Prices came under pressure after the EIA, in its monthly report, noted that the OPEC’s decision to lift the output ceiling last week represents the Cartel’s renewed determination to defend its market share by keeping supply high despite low prices.

Traders wait the weekly rig count data in the US, which could trow a light on whether the closures are gaining pace due to falling oil prices.

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