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7/21, 11:04 AM (Source: TeleTrader)
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Oil plunges further, WTI drops over 3%

Prices of oil futures extended losses on Thursday, as the Covid-19 situation in Asia, one of the biggest crude importers, remains highly uncertain, possibly rising concerns over the demand for oil.

The demand fears are seemingly outweighing the supply worries. Energy crisis woes seem to have subsided for the time being as it has been announced that Nord Stream gas deliveries resumed, while Libya restarted its oil production after a long hiatus.

West Texas Intermediate (WTI) for settlements in September plummeted 3.28% to sell for $96.68 per barrel at 4:55 am ET, while Brent for the same month's deliveries tumbled 2.80%, going for $103.92 per barrel at the same time.

Baha Breaking News (BBN) / AY