Oil prices drop towards 11-year lows

Oil prices have fallen this week, coming close to their 11-year lows, on growing fears that the global oil glut would worsen in the months to come in a pricing war between key producers.Brent crude fell by 3.4 percent below $37 a barrel for the first time since December 2008 and U.S. West Texas Intermediate (WTI), sank 2.5 percent below $35 a barrel.Gulf producers and Russia have previously said they would not cut output even if prices fell to $20 per barrel.

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