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Crude oil prices sips down amid coronavirus outbreak

In the international market, the price of crude oil has slipped down on Monday. The price of the crude oil has slipped down due to the lock downs announced by governments in various parts of the world to contain the spread of coronavirus.

Brent crude futures fell $1.09, or 4%, to $25.89 a barrel . West Texas Intermediate (WTI) crude futures was down 15 cents, or 0.7%, at $22.48 a barrel.

As per experts the demand for crude oil is expected to fall by more than 10 million barrels per day (bpd), or about 10% of daily global crude consumption. Another international agency, Goldman Sachs estimated demand loss could total 8 million bpd, brought about by countries slowing economic activity to combat the coronavirus outbreak.

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