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Oil Continues to Fall

Oil Continues to Fall due to Fear of the Pandemic and a Growth in Fuel Stocks in the United States

Crude prices fell for a sixth day on Thursday, according to Reuters, as an increase in Covid-19 cases around the world prompted concerns about slowing fuel demand, while an unexpected surge in U.S. gasoline inventories added to the pressure.

Brent crude lost 1.3 percent to $67.38 a barrel on Thursday, after sliding 1.2 percent the day before, while WTI crude fell 1.4 percent to $64.53 a barrel, after plunging 1.7 percent the day before.

Both benchmarks have dropped over 5% in the last six sessions and are currently trading near their lowest levels since May 24.