3/27, 1:16 PM (Source: TeleTrader)
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Oil dips over 2% as EIA sees demand sinking further

Prices of crude dropped on Friday as the coronavirus pandemic stifled global oil demand. International Energy Agency Executive Director Fatih Birol claimed that the demand for crude is "in freefall," adding it may go down by 20 million barrels per day amid the COVID-19 crisis.

Meanwhile, the Russian Ministry of Energy saw the infection as the main driving force behind a drop in oil prices, asserting that coronavirus dragged prices down by as much as $25 per barrel.

Brent for settlements in May slipped 2.32% to trade for $25.73 per barrel at 6:04 am ET, while West Texas Intermediate for May delivery decreased by 1.06% a minute later to go for $22.36 per barrel.

Breaking the News / GA