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Urgent: Oil prices drop amid global glut

Xinhua, January 10, 2015 Adjust font size:

Oil prices retreated Friday as there is no sign that the Organization of Petroleum Exporting Countries (OPEC) would cut production in response to recent slump.

Light, sweet crude for February delivery lost 43 cents to settle at 48.36 U.S. dollars a barrel on the New York Mercantile Exchange. Endite