6/29, 7:20 AM (Source: TeleTrader)
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Oil prices fall around 2% amid pandemic fears

Prices of crude oil futures declined around 2% on Monday as increasing numbers of COVID-19 cases brought about concerns over global demand.

The People's Bank of China warned the coronavirus remains a threat to the economy and data released by Baker Hughes on Friday showed that the number of oil rigs in the United States decreased by one to 188.

West Texas Intermediate for August delivery lost 1.97% at 1:06 am ET, going for $37.73 per barrel. August Brent traded at $40.15 as it was 2.12% lower at 1:07 am CET.

Breaking the News / VP