3/30, 1:22 AM (Source: TeleTrader)
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Oil sinks over 5% as demand continues to fall

Crude futures traded sharply lower as demand continued declining despite the largest-ever economic relief package adopted in the United States on Friday to support the struggling economy during the coronavirus pandemic.

However, concerns over the length of the lockdowns imposed around the world continued to weigh on the demand.

West Texas Intermediate futures for settlement in May dropped 5.35% at 7:09 pm ET, going for $20.36 per barrel, after briefly sinking below the $20 mark for the first time since February 2002. One minute later, Brent contracts for the delivery in the same month declined 5.62%, going for $23.53 a barrel.

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