Oil prices sank to their lowest point in nearly four years on Thursday, as traders feared that slowing economies around the world could struggle to soak up steadily growing supplies.
An already weak market dropped sharply after the 2:30pm close of the New York crude futures market, with thousands of contracts in US benchmark West Texas Intermediate changing hands in a late-day burst, brokers said.
By the end of the day Nymex November WTI crude was down as much as 3.7 per cent at $84.06 per barrel, while ICE November Brent – the global oil benchmark – was off 3.2 per cent at $88.42, the cheapest since December 2010.
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