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Oil Prices Defy Sentiment as COVID-19 Cross 10.1 million

Oil prices erased most earlier losses on Monday, with the WTI crude trading around $38.5 a barrel and the Brent crude near $41 a barrel as investors focus shifted to the global economic recovery.

Investors’ hope on monetary stimulus rose after the People Bank of China said it will implement new monetary tools to make sure liquidity reaches the real economy.

However, the gains were capped by fears over a second wave of coronavirus infections as cases continue to rise in several countries. According to Johns Hopkins, the number of people infected with COVID-19 across the world crossed 10.1 million, of which around 502 thousand have died.

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