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5/16, 7:34 AM (Source: TeleTrader)
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Oil prices down amid demand concerns

The prices of oil futures declined on Monday, as the investors are seemingly still showing concerns over the COVID situation in China, which has been affecting the crude demand.

Shanghai authorities previously announced that as the city has started seeing a steady decrease in daily cases, they will begin to reduce lockdown restrictions starting June 1.

West Texas Intermediate (WTI) for settlements in June tumbled 1.92% at 1:22 am ET to sell for $108.36 per barrel. At the same time, Brent for deliveries in July lost 2.02% to go for $109.21 per barrel.

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