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Oil falls as virus infections rise, eyes on European Union recovery plan

Brent crude was down 24 cents, or 0.6%, at $42.90 per barrel by 0943 GMT while US West Texas Intermediate (WTI) slipped 23 cents, or 0.6%, to $40.36

oil | European Union

Reuters  |  LONDON 

By Bozorgmehr Sharafedin LONDON (Reuters) - Oil prices fell on Monday as coronavirus cases increased in many countries across the globe, but investors remained cautiously optimistic about ongoing talks over a European Union-wide recovery fund to revive economies affected by the pandemic. Brent crude was down 19 cents, or 0.4%, at $42.95 a barrel by 0845 GMT, and U.S. oil slipped 19 cents, or 0.5%, to $40.40 a barrel. "As things stand, prices are not likely to produce any sizeable gains very soon, until a signal that the pandemic slows down. And even though in Europe the ...

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First Published: Mon, July 20 2020. 15:33 IST