NEW YORK: Global oil markets has resumed their slide as Brent and US crude hitting April 2009 lows and ending down for a seventh straight week. The prices recovered from their lows after a sharp drop in the US oil rig count.
Benchmark Brent crude broke below 49 Dollars a barrel but closed above the 50 Dollar support level it had clung to this week.
Crude prices had barely moved in the past two sessions after tumbling 10 per cent the first two days of the week.
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