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Oil loses its grip and falls on Tuesday due to record production by Saudi Arabia. The production rises even after the emphasis on supply cuts has been laid by the top producers of OPEC. Brent falls by 0.3% and is below $60 per barrel. WTI went down by 0.6%, at $51.33 per barrel. Jefferies, US investment bank said “The negative price reaction is as severe as the 2008 financial crisis,”
