Flames burn off at an oil processing facility in Saudi Aramco’s oilfield in the Rub’ Al-Khali (Empty Quarter) desert in Shaybah, Saudi Arabia. (Photographer: Simon Dawson/Bloomberg)

Oil Drops Below $54 as Global Recession, Supply Concerns Mount

(Bloomberg) -- Oil closed down in New York for the first time in three days amid rising concerns about the likelihood of a global economic contraction and mounting supplies.

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