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May 4, 2020

Covid-19-affected oil prices fall amid US-China trade tension

Oil prices fell again on Monday, 4 May, following a drop in demand, provoked by US-China trade tensions that could impede economic recovery, even as Covid-19 pandemic eases, Reuters reports.

By Yoana Cholteeva

Oil prices fell again on Monday, 4 May, following a drop in demand, provoked by US-China trade tensions that could impede economic recovery, even as Covid-19 pandemic eases, Reuters reports.

US West Texas Intermediate crude CLc1 futures, which fell to $18.10 a barrel earlier this year, were 5.1% lower, having fallen to $18.77 at 06.58 GMT on Monday, after benchmark contracts rose 17% last week, according to Reuters.

The Brent crude LCOc1 futures were 0.4% down at $26.34, after reaching an earlier low of $25.50.

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