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10/26, 8:08 AM (Source: TeleTrader)
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Oil trades lower on soaring coronavirus cases

Fears of a slow recovery in crude demand prompted by rising coronavirus cases worldwide pushed oil prices lower on Monday.

Over the weekend, Italy and Spain announced new measures to curb the spread of the virus as Europe reported more than 1.3 million new cases this past week. Meanwhile in the United States, 45 states reported a rise in weekly COVID-19 infections.

Brent for December settlements lost 2.18% to $40.86 per barrel at 2:50 am ET. Meanwhile, West Texas Intermediate crude for December delivery dropped 2.21% to $38.97 per barrel.

Breaking the News / JC