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CRUDE OIL TODAY IN MARKET

On Monday, WTI Crude prices plunged over 2.8 percent to close at $50.1 per barrel as the Coronavirus outbreak in China raised severe demand concerns for fuel. WTI Crude prices continued its long losing streak as markets expected that the economic damage due to the Virus outbreak might dent the demand for fuel. Moreover, the economic fallout in China, the biggest crude consumer further weighed on the prices. Even the new production cuts by OPEC+ didn’t support Oil prices as worries over demand over powered.

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