5/19, 12:01 PM (Source: TeleTrader)
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Oil prices drop on demand concerns

Prices of crude oil futures dropped on Thursday amid concerns about the global demand, as the situation with COVID in China seemingly continues to worry the investors.

Concerns over demand and economic slowdown appear to be outweighing the fears of constrained supply. The Energy Information Administration (EIA) previously reported that commercial crude oil inventories in the United States decreased by 3.4 million barrels.

West Texas Intermediate for June deliveries declined 2.05% at 5:48 am ET, selling for $107.34 per barrel, while Brent for settlements in July fell 1.24% a minute later, going for $107.63 per barrel.

Baha Breaking News (BBN) / AY