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Oil slumps further amid prospect of resurgence of coronavirus

Oil slumped on Monday, extending last week’s losses, as new coronavirus infections hit China, Japan and the United States’ increasing concerns that a resurgence of the virus could weigh on the recovery of fuel demand.

Brent crude futures fell $1.32, or 3.4%, to $37.41 a barrel by 0716 GMT, while U.S. West Texas Intermediate crude futures were down $1.75, or 4.8%, to $34.51 a barrel.

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