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Crude Oil Prices Fall Despite Output Cuts

Crude oil fell to trade around $39.9 a barrel on Monday, amid mounting concerns about fuel demand recovery as the number of coronavirus infections worldwide continue to rise including Spain France, the UK, and Germany.

Pressuring prices further were worries about the resumption of exports from Libya. According to two people with knowledge of the situation, Libya’s oil production has almost tripled to 250,000 barrels a day since partial lifting a blockade last week, Bloomberg reported.

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