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Supply glut causes drop in oil price

Supply glut causes drop in oil price

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NEW YORK - The price of crude oil fell nearly $3 and settled below $62 a barrel Monday on a supply glut at a key North American delivery point as geopolitical tensions loomed.

An oversupply at the storage hub in Cushing, Okla., had a disproportionate effect on prices, said Citigroup Global Markets energy analyst Tim Evans.

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