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10/15, 12:11 PM (Source: TeleTrader)
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Crude extends losses as new lockdowns loom over recovery

Oil prices slipped more than 2% on Thursday to extend losses recorded earlier in the day as tightening of containment measures against coronavirus across the globe fueled fears over the pace of economic recovery from the crisis and continued to stifle crude demand.

Germany recorded the highest number of confirmed daily cases of COVID-19 just after the government imposed new measures to curb the spreading of the virus. Meanwhile, the British government is reportedly expected to tighten lockdown measures in some parts of the country, including Manchester and London, amid a fresh resurgence in coronavirus cases.

Brent for December settlement plummeted 2.17%, trading for $42.38 per barrel at 5:59 am ET, while West Texas Intermediate (WTI) for deliveries in November 2.41% to go for $40.05 per barrel a minute later.

Breaking the News / GA