US oil futures slipped to their lowest price since the financial crisis as a refinery glitch threatened to add to a persistent glut of crude.
Nymex September West Texas Intermediate crude dropped below $42 a barrel late on Thursday — a price last seen in 2009 — before settling down 2.5 per cent at $42.23.
As many analysts had predicted, the oil market has resumed a lower path as the end of an active US summer “driving season” nears and producers from North America to member countries in the Opec cartel keep pumping.
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