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Monday, 14 November 2016

Oil prices slump almost a fifth from October high

Oil prices slump almost a fifth from October high:
"Brent crude oil dropped below $44 a barrel on Monday to hit its lowest level for three months, as a strengthening US dollar and doubts over Opec’s ability to agree supply curbs when it meets this month led to funds selling out of the market.

Hedge funds and other large speculators have been paring their bets on higher oil prices for the past month, with the latest exchange data showing a record drop in Brent equivalent to almost 80m barrels in the week to November 8.

A strong dollar on Monday also weighed across commodities, with the dollar index jumping above 100 for the first time this year as investors bet US president-elect Donald Trump’s plans for economic stimulus and protectionism could stoke growth and inflation.

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