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Oil Falls Below $50 as Surging U.S. Output Undermines OPEC Cuts - WORLDWIDE CITIZENSHIP
Oil dropped below $50 a barrel as investors lost faith that an extension of OPEC-led supply cuts will overcome growing U.S. production and ease a global glut. Front-month futures in New York fell 6.7 percent this week, the biggest loss since early March. While a number of exporters have reached an initial deal to extend the …