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Oil Prices Drop Amidst Trump’s Rhetoric on COVID-19

Oil prices declined on Wednesday, following a climb in the previous day, after industry data showed a larger-than-expected stock build in the US. API reported US crude inventories rose last week by 7.5 million barrels compared with expectations for a draw of 2.1 million.

Meanwhile, US President Trump shifted his rhetoric on the COVID-19 Tuesday, warning that the health crisis is getting worse, one of his first recent acknowledgments of the spread of the problem.

At around 05:45 AM GMT, WTI crude fell 0.9% to $41.53 a barrel, while Brent crude dropped 0.8% to $43.96 a barrel.

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