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Crude oil prices slumped again

In the international market, the price of crude oil has slumped again. The price of Brent crude has hitted to the lowest since 1999.

Brent Crude slipped by 24% touched US dollar 15.98 a barrel, its lowest since June 1999. It was trading down US dollar 2.37, or 12% , at US dollar 16.96 . West Texas Intermediate was down 51 cents, or 4.4% , at US dollar 11.06 a barrel.

Oil prices have slumped by around 80% this year as the demand and consumption of fuel slipped down due the Covid-19. Coronavirus outbreak has caused fuel demand to drop by roughly 30% worldwide. Earlier, OPEC has decided to cut down the crude oil production to stabilize the price.

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