10/23, 8:27 PM (Source: TeleTrader)
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Oil down 2% amid demand concerns

Prices of oil dropped by more than 2% on Friday as the investors digested the news regarding the normalization of relations between Sudan and Israel and contemplated the potential impact that it might have on the supply.

The traders also kept an eye on the coronavirus situation and the effect that additional containment measures could have on global oil demand.

The international benchmark Brent for settlements in December dropped by 1.72% at 2:08 pm ET, trading for $41.71 per barrel. West Texas Intermediate (WTI) for deliveries in the same month lost 2.09%, selling at $40.62 per barrels at the same time.

Breaking the News / BU