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9/8, 3:55 PM (Source: TeleTrader)
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Brent drops below $40 for the first time since June 25

The prices of crude oil extended losses on Tuesday as the world continued its struggle to handle the coronavirus crisis and its consequences on the global economy.

The Eurozone had a very tough second quarter of the year, as data shows the area's GDP tumbled 11.8% to mark the worst results in 25 years. As the United States still awaits the next round of economic stimulus, Majority Leader Mitch McConnell claims the Senate should vote on the relief bill this week.

Brent for settlement in November plunged 5.09% to sell at $39.89 a barrel at 9:42 am ET, reaching the level below $40 per barrel for the first time since June 25. Meanwhile, West Texas Intermediate (WTI) for October delivery sank 6.18% to trade for $36.73 a barrel a minute later.

Breaking the News / ND