Oil drops over 5 percent on economic slowdown fears, supply glut
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NEW YORK (Reuters) - Oil prices tumbled more than 5 percent on Tuesday in heavy trade due to fears of oversupply and deteriorating demand, extending a selloff that has taken major crude benchmarks down more than 30 percent from an October peak. U.S. crude and global benchmark Brent both extended declines in post-settlement trade after trade group The American Petroleum Institute said U.S. inventories unexpectedly climbed in the latest week. [API/S]U.S. crude oil fell $3.64, or 7.3 percent, to..