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Global Crude Plunges Through $60 as Producers Fail to Curb Glut

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The global price of crude oil plunged through $60 a barrel for the first time in five years with almost no signs producers are ready to tackle a glut.

Brent futures slumped as much 3.3 percent to its lowest since May 2009 in London. West Texas Intermediate, the New York-traded grade, dropped below $55 for the first time in five years. U.S. drillers are benefiting as costs fall almost as quickly as prices, according to Goldman Sachs Group Inc. OPEC shouldn’t be expected to cut output while other producers continue to expand, the United Arab Emirates energy minister said.