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Oil prices sink more than 1% amid global market plunge, US output spree

Brent crude oil futures were at $66.88 per barrel at 0236 GMT, down 74 cents, or 1.1 percent, from the previous close and more than $4 below their high point for 2018, hit last month.

Oil prices fell by more than 1 percent on Tuesday, extending falls from the previous session, as global financial markets headed south in the wake of Wall Street’s biggest one-day decline since 2011.
 
Brent crude oil futures were at $66.88 per barrel at 0236 GMT, down 74 cents, or 1.1 percent, from the previous close and more than $4 below their high point for 2018, hit last month.
 
U.S. West Texas Intermediate (WTI) crude futures were at $63.31 a barrel. That was down 84 cents, or 1.3 percent, from their last settlement, and more than $3 off their 2018 high.
 
Financial markets went into a tailspin on Monday when U.S. stocks plunged in highly volatile trading which saw the Dow Jones Industrial Average tumbled by almost 1,600 points in intra-day trading as investors grappled with rising bond yields and potentially firming inflation.

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“Suddenly, inflation has become one of the most-talked-about issues in markets,” U.S. bank J.P. Morgan said in a note to clients.

However, the correction in oil is more than a reaction to a sell-off in financial markets.