Oil continues to drop from 5.5-year low as glut seen persisting

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Source: Bloomberg
Oil dropped for a third day, resuming its fall from the lowest since 2009 as supplies from Russia and Iraq are strengthening speculation that the oversupply, which guided crude into a decline, may preserve this year. Black gold futures slid 2.1% as Iraq plans to boost exports, while Russia's output has already reached a new record. Brent fell 48% last year, the most since 2008, while OPEC refused to cut output back in 2014.
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