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2/24, 7:19 PM (Source: TeleTrader)
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Oil prices drop over 5% on coronavirus fears

Prices of oil futures tumbled on Monday as the coronavirus outbreak sparked fears demand for the commodity may fall due to a slowdown in China, as well as the limitations on travel.

West Texas Intermediate for April settlement dropped 5.60% to $50.45 per barrel at 11:12 am ET. Meanwhile, Brent futures for deliveries in the same month lost 5.50% to $55.15 a barrel at 11:13 am ET.

Breaking the News / MD