Crude oil futures ended lower with cut of over seven percent on Tuesday, sending benchmark crude prices to their lowest finish in nearly 16 months, as concerns over a potential global supply glut rattled the market. Losses for oil magnified after it was reported that Russia was increasing its output to 11.42 million barrels a day this month.
Meanwhile, a recent US government forecast calling for further gains in domestic shale oil production and expectations for an economic slowdown fed concerns over a potential global glut in crude supplies.
Benchmark crude oil futures for January plunged $3.64 or 7.3 percent to settle $46.24 a barrel on the New York Mercantile Exchange. February Brent crude dropped $3.35 or 5.6 percent to settle at $56.26 a barrel on London's Intercontinental Exchange.
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