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Oil falls again as IMF cuts forecast

2015-01-21 09:27:51| Oil & Gas - Topix.net

Oil fell as much as 5 per cent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast on lower fuel demand and key producer Iran hinted prices could drop to US$25 a barrel without supportive OPEC action. An expected slide in the US oil rig count in the first quarter compared with the fourth quarter of last year failed to boost sentiment as traders and investors remain glued on concerns of oil oversupply.

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