1/21, 8:29 AM (Source: TeleTrader)
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Oil slips 1.5% as US inventories rise

Prices of oil futures declined by over 1.5% on Friday, as an increase in United States crude stockpiles seemingly prompted a change of sentiment among traders. Crude futures traded at seven-year highs earlier this week.

Along with the data, investors monitored the spread of the coronavirus, as the number of daily cases observed on a global scale reached another all-time high at over 3.6 million infections.

West Texas Intermediate for March delivery dived 1.52% to sell for $84.25 per barrel at 2:18 am ET, while Brent for settlements in the same month dropped 1.34% at the same time, selling for $87.19 per barrel.

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