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3/28, 12:36 PM (Source: TeleTrader)
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Oil prices sink 4% as China lockdowns hurt demand

The prices of crude oil declined by more than 4% on Monday as the coronavirus-related lockdowns across major Chinese hubs continued to hurt demand. The drop was also prompted by hints the United States government could release more oil reserves to maintain stability in the domestic market.

Meanwhile, the Russian and the Ukrainian delegations arrived in Istanbul earlier today with the plan to resume negotiations later this week. However, market analysts in the US mostly believe that the prices of crude will return to gains soon, as reported by the Springfield News-Sun newspaper.

West Texas Intermediate for May deliveries plunged 4.14% to sell for $109.18 per barrel at 6:35 am ET, while Brent for settlements in the same month declined by 3.75% to $116.16 at the same time.

Baha Breaking News (BBN) / ND