Oil prices dropped over 2% towards its 11-year low on Tuesday, as traders shrugged off growing tensions between two of the world’s biggest oil producers and focused instead on a stronger U.S. dollar and swelling U.S. crude inventories, Reuters reported. Brent crude prices LCOc1 fell 80 cents to settle at $36.42 a barrel. Prices hit an 11-year low of $35.98 a barrel just before Christmas, capping a year where the benchmark’s value dropped by more than a third. U.S. West Texas Intermediate (WTI) crude CLc1 slipped 79 cents to settle at $35.97 a barrel.

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