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MARKET WATCH: Brent crude oil drops below $63/bbl

The light, sweet crude oil contract for January delivery fell nearly 90¢ but held above $57/bbl on the New York market Dec. 4 while Brent crude oil for February fell more than $1, setting below $63/bbl—its biggest single-day decline since early October. The crude benchmarks dropped after OPEC and some non-OPEC producers agreed on Nov. 30 to extend the existing production-cut targets through Dec. 31, 2018.

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