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2/26, 9:30 PM (Source: TeleTrader)
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Oil prices lowest since Dec 2018 as COVID-19 spreads

Prices of oil futures fell further on Wednesday to their lowest levels since December 2018 after several new countries reported novel coronavirus (COVID-19) cases, sparking worries of a larger decline in the global oil demand. Meanwhile, the United States Energy Information Administration (EIA) reported an increase of 452,000 barrels in crude oil stockpiles in the country.

Brent for April deliveries dropped 2.66% to go for $53.41 per barrel at 3:16 pm ET, while West Texas Intermediate (WTI) for settlements in the same month dipped 2.66% to sell for $48.72 per barrel concurrently.

Breaking the News / MS