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Oil prices plunge after OPEC decision

OIL prices settled sharply lower Thursday, as investors were disappointed about the Organization of the Petroleum Exporting Countries' (OPEC) decision to extend production cuts by nine months.

The West Texas Intermediate for July delivery tumbled 2.46 U.S. dollars to settle at 48.90 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery dropped 2.50 dollars to close at 51.46 dollars a barrel on the London ICE Futures Exchange.


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