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Oil plunges 3 percent to new five-year lows after bearish IEA outlook

A customer uses a petrol nozzle to fill up his tank in a gas station at a supermarket in Truchtersheim near Strasbourg August 26, 2012. REUTERS/Vincent Kessler
(Reuters) - Crude oil markets fell 3 percent or more to plumb new five-year lows on Friday after the world's energy watchdog forecast even lower prices on weaker demand and larger supplies next year.
Benchmark Brent oil settled at below $62 a barrel and U.S. crude slumped to under $58 to extend Thursday's landmark fall below $60.
Surging crude inventories in the United States and top oil exporter Saudi Arabia's reiteration that it will not cut production had roiled prices over the last two days despite data pointing to strong U.S. economic recovery.