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Oil prices slide on second wave fears

by LLB Editor
12th Jun 20 12:45 pm

Oil prices continue to slide, as a rise in Covid-19 infections in the US this week sparked fears of a second wave of coronavirus, which could lead to restrictions being reimposed on the US economy, and hit demand for crude oil.

The US is the world’s biggest consumer of crude and fuel.

Brent crude dropped 3.1% to $37.35 a barrel this morning while US light crude has fallen even more, by 3.4%, to $35.09.

The two oil benchmarks are on course for their first weekly declines in seven, down more than 12% this week, as growing stockpiles also act as a drag on prices, Reuters reported.

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