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US crude prices drop for ninth straight session

U.S. crude prices dropped for a ninth consecutive session on Thursday falling into a bear market, on further signs of growing supply even as data showed record Chinese oil imports.
 
Oil prices have plunged over the last five weeks, buffeted by October's broader market slump, signs of deteriorating demand and rising output from key producers.
 
U.S. West Texas Intermediate crude futures fell 51 cents to $61.16 shortly before 11 Thursday morning. 
 
That is down 20.5 per cent from last month's four-year high at $76.90.
 


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