10:28 GMT28 February 2020
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    World oil prices have resumed their downward spiral on news that US stockpiles had risen, adding to long running concerns about a supply glut and weak demand.

    MOSCOW (Sputnik) — Brent North Sea crude for March delivery slid 0.86% to $57.41 per barrel. US benchmark West Texas Intermediate for delivery next month dropped 1.75% to close at $52.12 a barrel.

    According to figures released by the American Petroleum Institute US inventories for the week ending January 30 rose by 6.1 million barrels to 411.2 million barrels in an almost five-week high.

    BP Chief Executive Bob Dudley said on Tuesday the oil industry should brace for a minimum of a year, and possibly several years, of low oil prices.


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