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Oil Settles Lower by 1%

M. Ali 14 July, 2020 12:38 am Commodities, Market Update

Oil prices declined on Monday as the rising number of COVID-19 cases are leading to concerns regarding demand recovery.

Brent crude futures settled higher by 1.2% at $42.72 per barrel, while the US benchmark crude oil, West Texas Intermediate (WTI), futures closed down by 1.1% to $40.10 per barrel.

An OPEC meeting is set to discuss the future of the expiring output cuts, which are expected to be extended once more.

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