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Oil falls 1% as demand fears outweigh hopes for bigger OPEC+ cuts

A pumpjack is seen at sunset outside Scheibenhard, near Strasbourg
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NEW YORK (Reuters) - Oil prices sank about 1% on Tuesday as fears that energy demand would take a long-term hit from the growing coronavirus outbreak outweighed hopes for more production cuts from OPEC and its allies.Brent crude settled at $53.96 a barrel, sliding 49 cents, or 0.9%, while U.S. West Texas Intermediate (WTI) crude settled at $49.61 a barrel, losing 50 cents, or 1%. Both benchmarks..
Date Published: Feb 04, 2020
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