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Oil falls as IMF cuts forecast
(MENAFN- The Peninsula) Oil fell as much as 5 percent yesterday after the International Monetary Fund cut its 2015 global economic forecast and key producer Iran hinted prices could drop to $25 a barrel without supportive Opec action.
US crude settled down $2.30, or 4.7 percent, at $46.39 a barrel, after tumbling to an intraday bottom of $45.89. Benchmark Brent crude closed down 85 cents, or 1.8 percent, at $47.99 a barrel. It earlier touched a session low of $47.78. Traders said activity in US crude was heightened somewhat by the expiry of the February futures contract as the front-month.
US crude settled down $2.30, or 4.7 percent, at $46.39 a barrel, after tumbling to an intraday bottom of $45.89. Benchmark Brent crude closed down 85 cents, or 1.8 percent, at $47.99 a barrel. It earlier touched a session low of $47.78. Traders said activity in US crude was heightened somewhat by the expiry of the February futures contract as the front-month.
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