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1/10, 7:58 PM (Source: TeleTrader)
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Oil loses 1% as supply disruptions ease

Prices of oil futures declined over 1% on Monday with the negative sentiment seemingly prompted by the spread of coronavirus' Omicron variant, as well as by the news of Libya's El Sharara oil field resuming production, 22 days after being shut down.

According to Chevron's statement issued on Sunday, its oil venture Tengizchevroil in Kazakhstan is also increasing output after the civil unrest struck the country.

Brent for settlements in March slid 1.05% at 1:45 pm ET, selling for $80.88 a barrel, while West Texas Intermediate for February delivery went down by 0.82% at the same time, to go for $78.28 per barrel.

Baha Breaking News (BBN) / BU