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9/8, 12:49 PM (Source: TeleTrader)
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Oil falls deeper as virus, economic concerns climb

Crude prices dropped by nearly 3% on Tuesday, extending losses recorded earlier today as traders' fears over the resurgence of the coronavirus pandemic persist. French Health Minister Olivier Veran noted the surging number of COVID-19 infections nationwide is "worrying" as "the virus is still circulating quickly." Meanwhile, the UK government is ready to tighten containment measures due to the recent increase in coronavirus cases.

The effect of the pandemic left its toll on the Eurozone's economy in the second quarter, pulling the euro area's GDP down by 11.8% on a quarterly basis to fuel its steepest fall on record.

West Texas Intermediate (WTI) for October delivery sank 2.87%, trading for $37.96 per barrel at 6:37 am ET, while Brent for settlements in November dipped 2.31% to sell at $41.04 a minute later.

Breaking the News / GA