3/26, 9:01 AM (Source: TeleTrader)
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Oil falls over 3% on piling COVID-19 worries

Crude sank more than 3% on Thursday with investors' concerns over the coronavirus pandemic growing as the death toll from the infection topped 20,000.

Meanwhile, United States Secretary of State Mike Pompeo and Saudi Crown Prince Mohammad bin Salman discussed the global oil prices with Popeo asserting that Saudi leader has an opportunity to reassure global energy stability amid the coronavirus-caused crisis.

One the data front, US crude stockpiles grew by 1.6 million barrels, according to the Energy Information Administration's report.

West Texas Intermediate for settlements in May dropped 3.55%, selling for $23.62 per barrel at 3:48 am ET, while Brent for the same month delivery lost 2.92% a minute later to go for $26.59 per barrel.

Breaking the News / GA