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2/10, 12:16 PM (Source: TeleTrader)
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Oil trades lower as coronavirus fears persist

Crude futures traded lower on Monday as concerns over China's oil demand remained amid the outbreak of the coronavirus.

Last week, OPEC and other major producers met to discuss implementing deeper output cuts in an effort to balance the global market, but no deal was reached since Russia insisted it needs more time to make a decision on the matter.

Brent for deliveries in April declined 0.39% to sell for $54.26 per barrel and West Texas Intermediate (WTI) for settlements in March lost 0.42% to go for $50.11 per barrel at 6:04 am ET.

Breaking the News / NP