Oil Drops Below $50 as Record U.S. Exports Seen Flooding Market
- Nationwide exports rise to record 1.98 million barrels a day
- Crude falls below $50 a barrel for first time in two weeks
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Oil slid below $50 a barrel for the first time in two weeks as a flood of U.S. crude reignited concerns over a global glut.
Futures fell 0.9 percent in New York after a government report showed record U.S. exports at a time when autumn refinery maintenance typically lowers demand. The decline is also likely being spurred by producers rushing to lock in revenue near $50 a barrel with hedging contracts.