Crude Oil collapses; down almost 5 % by Milan Cutkovic

Crude Oil prices have tanked today with the WTI contract down almost 5 % on the day. The heavy selling started around 17:45 GMT and price fell from $83.60 to $81.30 within less than an hour. There has been a lot of position covering in Oil on global growth worries and an Oil glut caused by increased production in the US and Libya, as well as the reluctance out of Saudi-Arabia to cut production.


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