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NEW YORK: Oil prices dropped to a 12-week low in volatile trade on Wednesday, extending Tuesday’s heavy losses as growing fears of demand destruction from a global recession outweighed supply concerns.
Brent futures for September delivery fell $2.99, or 2.9 percent, to $99.78 a barrel by 10:57 a.m. EDT (1457 GMT), while US West Texas Intermediate crude fell $3.19, or 3.2 percent, to $96.31.
That puts WTI and Brent on track for their lowest closes since April 11, after Brent fell 9 percent and WTI fell 8 percent on Tuesday.
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