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Futures Movers: Oil prices extend losses as concern grows over still-heavy global supply

Oil futures slid anew on Wednesday, underscoring investors’ belief that the extended production caps by major producers and the summer driving season in the U.S. won’t do much to crimp still-heavy global supplies.

After Thursday’s plunge in the wake of what was decided by the Organization of the Petroleum Exporting Countries and other non-cartel producers like Russia, the U.S. oil benchmark has pulled back when trying to get back above $50 a barrel.

Analysts say that barring any unpredictable geopolitical events, oil within a few dollars either side of $50 appears to be the “new normal” as there remains “too much [oil] and too little demand,” said Phinn Ziebell, an economist at National Australia Bank.

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