Oil prices fell to a five-month low on Tuesday after a report from the International Energy Agency estimated a recent “l(fā)arge surplus” of crude supply.
Brent dropped as much as 3 per cent to touch $61.50 a barrel, its lowest since early May, and was recently down 2.2 per cent on the day.
The fall came after the agency said preliminary data indicated a “massive” build-up in oil shipments in September following a surge in exports by key producers, suggesting that output is now more than consumers need.
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