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Further Decline In Oil Prices In The Global Market

LONDON: Global oil prices fell further as Brent crude fell below 100$.

Global oil prices fell on fears that a possible recession would dampen demand, with Brent crude falling below 100 100 a barrel. Europe’s benchmark crude contract, Brent North Sea, fell 3.3 percent to .3 99.39 a barrel in mid-afternoon trade, while its US counterpart WTI fell 3.3 percent to 96 96.12.

Analysts predict that Brent could reach 65 65 by the end of this year in the event of a prolonged global recession.

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