8/26, 10:31 AM (Source: TeleTrader)
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Oil loses 1% as virus fears overshadow demand confidence

Prices of oil declined by more than 1% on Thursday, ending the three-day rally amid growing concerns over the spread of COVID-19.

While the increasing number of infections pushed Australia's New South Wales to extend the lockdown in the state, Japan had to withdraw over 1.6 million vaccine doses due to possible vial contamination.

Brent for October slid 1.07% at 4:20 am ET, to sell for $71.5 per barrel, while West Texas Intermediate (WTI) for the same month went down by 1.13% to go for $67.59 per barrel a minute later.

Breaking the News / BU