Oil prices drop amid supply glut worries

New York, Nov 3 (IANS) Oil prices fell on Monday as traders worried that global supplies exceeded the demand.

The West Texas Intermediate for December delivery moved down 45 cents to settle at $46.14 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 77 cents to close at $48.79 a barrel on the London ICE Futures Exchange.

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