Oil Set for Worst Week Since March as Rout Inflames Supply Fears - Bloomberg:
"Oil was headed for its worst week in almost a year as the global risk-asset rout troubled investors already concerned over growing U.S. supply.
Futures traded in New York are on track to post a 7.4 percent slump this week as equities tumbled around the world. Adding to the alarm was data that showed U.S. oil production at a new high, and key technical indicators pointing to a further retreat in prices. West Texas Intermediate earlier slumped close to $60 a barrel, all but erasing this year’s gain."
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