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Crude oil prices fall almost 20% since beginning of the year

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Singapore - Crude oil prices continued a relentless dive early on Tuesday, falling almost 20% since the beginning of the year as analysts scrambled to cut their 2016 oil price forecasts and traders bet on further price falls.

US crude West Texas Intermediate (WTI) was trading at $30.66 per barrel at 05:31 GMT on Tuesday, down 75 cents from the last settlement and about 20% lower than at the beginning of the year. Earlier it traded at $30.60, the lowest since December 2003.

Brent crude futures fell 83 cents to $30.72 a barrel. Earlier they declined to $30.66, their lowest since April 2004. Brent has fallen nearly 20% in January and, like WTI, has declined on every day of trading so far this year.

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