Oil prices fall on global growth concerns and supply glut in US

Oil prices fell on Wednesday, pulled down by a US supply glut and a drop in stock markets as China's government warned of increasing economic headwinds and as Japan was expected to report another quarter of GDP contraction. International Brent crude oil futures were at $61.14 per barrel at 0705 GMT, down 94 cents, or 1.5 percent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $52.44 per barrel, down 81 cents, or 1.5 percent. Reuters technical commodity analyst Wang Tao said WTI could soon test.

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