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Brent Crude Prices Drop on Thursday

Brent crude prices traded lower at $45.2 per barrel on Thursday after an OPEC’s monthly report indicated that world oil demand will likely fall more steeply in 2020 than previously expected due to the pandemic.

At the same time, uncertainty over whether US lawmakers would strike an agreement on a new coronavirus relief package weighed on prices.

On a more positive note, both the EIA and API reported a third consecutive weekly drop in US crude inventories, larger than forecast.

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