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Oil Prices Fall on COVID-19, Supply Concerns

Oil prices were lower on Wednesday, with WTI futures near $40.5 a barrel and Brent crude near $43 a barrel.

Investors try to assess the economic impact of mounting coronavirus cases in several countries including the US, India, Australia and Spain and the need for further lockdowns and economic shutdown. Also, API data released on Tuesday showed US crude stockpiles increased by 2 million in the latest week, the most in three weeks.

Meanwhile, investors await EIA data to be released later in the day.

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