Oil prices drop Monday morning as the number of confirmed cases of coronavirus disease increase in the US and other countries. The growing numbers have caused several countries to reintroduce partial shutdowns, which may lower oil demand as they are expected to affect economic activity.
A barrel of the European reference oil, Brent, trades for USD 40.27 Monday morning against USD 40.60 Friday afternoon. Meanwhile, the US WTI oil is traded for USD 37.73 Monday against USD 38.15 Friday afternoon.
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