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5/9, 4:45 PM (Source: TeleTrader)
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Oil extends losses, WTI down 4%

Prices of crude oil futures extended losses on Monday, with concerns over demand mounting, possibly prompted by the COVID-19 situation in China. Shanghai authorities previously shared that they plan to eradicate the virus in the city by the middle of May.

In addition, natural gas prices went drastically down as well, after the Norwegian Ministry of Petroleum and Energy stated that it expects to deliver 122 billion cubic meters of gas to Europe this year.

West Texas Intermediate for deliveries in June plunged 4.11% at 10:35 am ET, selling for $105.45 per barrel, while Brent for July settlements tumbled 3.74% at the same, to go for $108.24 per barrel. UK natural gas futures for delivery in June fell 7.51% to 128,250 pence per therm at 5:03 pm CET.

Baha Breaking News (BBN) / AY