5/13, 9:30 AM (Source: TeleTrader)
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Oil slumps as COVID woes trump demand optimism

Prices of crude slid more than 1% on Thursday, erasing gains recorded the day prior amid upbeat forecasts made by the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC).

The sentiment among investors seemingly chained amid fears of what ramifications the COVID crisis in India could have on the global demand for oil.

Brent for July delivery dropped 1.54% to $68.25 per barrel at 3:19 am ET, while West Texas Intermediate for June settlements lost 1.2% to $65.05 per barrel at the same time.

Breaking the News / BU