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Oil prices plunge again as UAE defends holding production
(Reuters) - Oil prices continued their rout on Tuesday with Brentcrude and U.S. WTI both falling to their lowest in almost six years as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market.
Oil prices have fallen 60 percent from their 2014 peaks hit in June in a rout that has seen a collapse of more than 36 percent in the past seven weeks.
February Brent crude fell almost 5 percent to a low of $45.23 a barrel by 0730 GMT, the lowest since March 2009. U.S. crude for February was trading at $44.44 a barrel, its weakest since April 2009.
ECB Warning to Greece Deploys Tactic Honed in Crisis
The European Central Bank is threatening to choke off funding to Greece's lenders in the hope it won't actually need to.
Pound Weakens as Inflation Weighs on U.K. Interest-Rate Outlook
The pound fell for the first time in five days versus the euro before a report economists said will show U.K. inflation slowed to below 1 percent last month for the first time since 2002.
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