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6/30, 7:56 AM (Source: TeleTrader)
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Oil prices lower on demand worries

Oil prices fell on Tuesday amid concerns over the coronavirus pandemic and Libya's potential return to crude production after a six-month blockade.

The emergence of new virus hotspots in the United States dampened hopes of a speedy recovery from the pandemic as Texas, Florida and Arizona paused their reopenings. In Libya, the National Oil Corporation said it expects production to resume soon after talks with the United Nations, the US, and regional countries.

Brent for August delivery was down 0.50% to $41.50 per barrel at 1:43 am ET. At the same time, West Texas Intermediate futures for settlements in the same month dropped 0.86% to $39.36 a barrel.

Breaking the News / JC