Thursday, May 19, 2022

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Oil prices drop around 1% as downward trends continued due to China’s increasing cases of coronavirus

Oil prices on Tuesday dropped around one percent as downward trends continued due to top oil importer China’s increasing cases of coronavirus. A strong dollar and growing recession risks also created worries about the outlook for global demand.

In intra-day trade, Brent crude was trading at around 104 dollars and 77 cents per barrel while WTI crude prices were at 102 dollars and 13 cents per barrel.

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