Oil prices hit fresh 12-year low, trade below $28 per barrel

Oil prices hit fresh 12-year low, trade below $28 per barrel

OIL futures traded below $28 a barrel on Wednesday, dragged down by a fresh slide in the global financial markets and continued concerns about the glut of crude. Fears about an economic slowdown in China, the world’s second biggest economy, have rattled financial markets at the start of the year and added to the bearish sentiment on the oil market.

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