Brent crude oil falls below $31 a barrel for first time since 2004

‘A key oil benchmark plunged below $31 per barrel Tuesday, continuing the downward trend of the previous day. Brent crude traded as low as $30.64 on the market.

Oil is dipping to decade-low levels amid overproduction and bad economic news from China, where poor prospects for manufacturing suggest that the leading oil-consuming country will not need as much crude as producers hoped.’

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