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Oil Seen Dropping to $55 Next Week as Price Rout Deepens

Benchmark U.S. oil prices are poised to test $55 a barrel after a six-month rout pushed crude to the lowest in five years.

West Texas Intermediate crude ended below $58 today for the first time since May 2009 after the International Energy Agency cut its global demand forecast for the fourth time in five months. Prices are down 46 percent from this year’s highest close of $107.26 on June 20.