Brent crude suffers biggest price drop in two years
Oil prices suffered steep falls on Wednesday after Libya said it would boost supply, even as investors fear that trade tensions will hit demand.
Brent crude dropped 6.9% - the biggest decline in more than two years - to end at $73.40 a barrel for the global benchmark.
US crude fell 5% to $70.38 a barrel - its worst one-day decline in a year.
The declines followed a months-long rally that had increased prices to some of the highest levels in recent years.
However, oil prices have been volatile in recent weeks after the US said it would reinstate sanctions against Iran, a major producer.... read more
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