7/30, 4:31 PM (Source: TeleTrader)
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Oil prices fall over 4% on virus, economic worries

Prices of oil futures declined over 4% on Thursday after the number of coronavirus cases surpassed 17 million globally, sparking concerns of a slower return of demand. Also, the latest data showed that the United States economy shrank by 32.9% in the second quarter, while initial jobless claims remained at over 1.4 million. In addition, Germany's GDP contracted 10.1% in the second trimester, according to Destatis.

Brent for September deliveries decreased by 4.62% to go for $41.69 per barrel at 10:19 am ET, while West Texas Intermediate (WTI) for settlements in the same month dropped 5.62% to sell for $38.92 per barrel at 10:21 am ET.

Breaking the News / MS