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Murphy Oil (MUR) Stock Slumped on Lower Oil Prices

NEW YORK (TheStreet) -- Shares of Murphy Oil (MUR) closed down 6.56% to $25.63 on Monday as crude oil dipped below $40 per barrel today for the first time since April.

Oil prices were pressured today by ongoing oil glut concerns, Reuters reports.

On Friday, a Reuters survey showed that OPEC output hit record highs and oil rig additions rose to a two-year high.

"It's built upon the glut that's out there that everyone thought was going to be clearing, but hasn't," John Kilduff of Again Capital told...