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Oil drops by over 1 percent as economic outlook weakens, US supply surges

Updated : March 08, 2019 01:49 PM IST

US West Texas Intermediate (WTI) crude oil futures were at $56.39 per barrel at 0122 GMT, down 27 cents, or 0.5 percent, from their last settlement.Brent crude futures were at $65.96 per barrel, down 34 cents, or 0.5 percent.
Financial markets, including crude oil futures, took a hit after ECB President Mario Draghi said on Thursday the economy was in "a period of continued weakness and pervasive uncertainty". Europe's economic weakness comes as growth in Asia is also slowing down.
Some analysts expect the United States to soon overtake Saudi Arabia as the world's biggest oil exporter.
Oil drops by over 1 percent as economic outlook weakens, US supply surges

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