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Bloomberg reports that on Tuesday, oil plunged for a second day in New York after supplies surged.
Bloomberg reports that on Tuesday, oil plunged for a second day in New York after supplies surged.
The market news is quoted as saying:
Futures slipped 0.6 percent as Cushing stockpiles rose 1.69 million barrels to 40.3 million last week, the highest level since the Energy Department began gathering data at the hub in 2004. Brent oil traded in London climbed as Libyan leader Muammar Qaddafi stepped up attacks on insurgents.