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Oil prices fall amid pessimism over demand recovery

Market participants in the oil market are pessimistic about the recovery in demand for raw materials. Data released by the US Department of Energy on Wednesday night showed an increase in gasoline inventories in the country by 1.9 million barrels to 227 million barrels. Oil reserves fell by 1 million barrels.

Additional pressure on oil quotes is provided by information coming from Libya. At the largest oil field in the country, work has resumed its production. The volume of Libyan oil supplied to the market is growing. Libya produces 500,000 barrels of oil per day.

According to the trading data, the price of a barrel of Brent oil was $41 46 cents, which is 0.65% below the price that was fixed at the close of trading on Wednesday. The price of a barrel of WTI benchmark oil fell by this time by 0.75% to $39 73 cents.

The number of coronavirus infections in the world continues to grow at a rapid pace. It has already exceeded 41 million. The worsening epidemiological situation is a threat to the oil market.

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