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Oil prices drop 5%

Oil prices sank roughly five per cent on Wednesday after disappointing economic data from China and Europe revived global demand fears and U.S. crude inventories rose unexpectedly for the second week in a row.
 
Brent crude dropped $2.90 to $58.40 a barrel erasing the previous session's sharp gains after the United States moved to delay tariffs on some Chinese products.
 
U.S. West Texas Intermediate (WTI) crude shed $2.96 to $54.14 a barrel.


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