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European Stocks Fall as Oil Drops Below $50; Yen Gains
European equities extended a global selloff as crude oil sank to the lowest level in almost six years. Asian stocks (MXAP) tumbled the most since March.
Brent falls below $52 as oil hits new five-and-a-half year lows
(Reuters) - Oil prices sank to fresh 5-1/2-year lows on Tuesday, extending losses after a 5 percent plunge in the previous session as worries over a global supply glut intensified.
Brent crude fell by 3 percent to below $52 (34 pounds) a barrel as cuts to monthly oil selling prices for European buyers by top OPEC producer Saudi Arabia heightened worries about oversupply.
Asian Stocks Join Global Selloff
Asian stocks fell for a second consecutive session on Tuesday following heavy losses in the U.S. and European markets overnight. Slumping oil prices and growing concerns that Greece might leave the European currency union left investors fleeing risky assets for the presumed safety of government bonds and the safe-haven Japanese yen.
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