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Oil prices fell sharply

Oil prices fell sharply on  today, dragged down by a broader selloff in tech stocks but also from a darkening demand outlook. Brent dipped below $40 per barrel for the first time since June. Brent’s three-month timespread has widened to its largest contango since May, a symptom of an increasingly weak market. “Today’s oil-price move is a clear sign that the market now seriously worries about the future of oil demand,” said Paola Rodriguez-Masiu, an oil market analyst with Rystad Energy.

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