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13 Mar 2015

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Wall St set to open lower as oil drops again

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New York - US stock index futures pointed to a modestly lower open on Friday as crude oil prices continued to fall, putting the S&P 500 on track for its third straight weekly decline.

Markets have been volatile this week, with the S&P posting both its biggest one-day gain since early February and its biggest one-day loss since early January.

Crude oil fell 2%, after the International Energy Agency said a global oil glut was building and US oil production showed no signs of slowing. The commodity has fallen in six of the past seven sessions and could continue to weigh on energy names.

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