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Brent oil slumps under $35 for first time since 2004

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(iStock)
(iStock)

London - Brent oil prices tumbled on Wednesday underneath $35 for the first time in 11 years, plagued by abundant oversupply and amid the ongoing row between key producers Iran and Saudi Arabia.

At about 10:30 GMT, European benchmark Brent North Sea crude oil for February delivery sank to $34.83 per barrel - the lowest level since July 1, 2004.

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