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Brent crude prices gains 27 cents in early morning trade

Syed Umarullah HussainiWeb Editor

31st Aug, 2020. 09:08 am
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Oil Prices Keep Falling On Fears Over Worldwide Demand Amid Lockdown

Oil prices edged up on Monday the first day of the business week, with Brent futures set to post a fifth straight monthly gain, as demand struggles to return to pre-COVID levels in a well supplied market.

According to the details Brent crude futures for November climbed 27 cents, or 0.6%, to $46.08 a barrel while U.S. West Texas Intermediate crude was at $43.11 a barrel, up 14 cents, or 0.3%.

Market Analysts are of the view that a  weak U.S. dollar has supported oil prices even though fuel demand has struggled to recover amid the novel coronavirus pandemic and supplies remain excessive, although crude may face hurdles going forward.

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