Oil prices plunged to fresh low amid market glut

Oil prices sank to fresh 5-1/2-year lows on Tuesday. Brent crude fell by 3 percent to below $52 a barrel as cuts to monthly oil selling prices for European buyers by top OPEC producer Saudi Arabia heightened worries about oversupply. "Saudi Arabia is showing no signs of pulling back although stocks continue to build," said one commodity analyst.

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