7/19, 9:23 PM (Source: TeleTrader)
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Oil down by 7% amid fears virus may affect demand

The prices of oil futures continued to decline on Monday amid ongoing concerns a new wave of the COVID-19 pandemic might affect demand for black gold.

Earlier, in response, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to return two million barrels per day (bpd) to the global market until the end of 2021 and lift limitations on oil production forcefully imposed during the pandemic.

Brent for settlement in September sank by 6.96% at 3:23 pm ET to sell for $68.20 per barrel, while at the same time, West Texas Intermediate (WTI) for deliveries in August plunged by 7.33% to go for $66.27 per barrel.

Breaking the News / JR