20:50 GMT26 May 2020
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    Oil Prices Slump, Coronavirus Fears Send Global Economy Into Turmoil (100)
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    As the coronavirus pandemic continues to hit global markets, oil prices have experienced dramatic falls. On 23 April, however, Brent and WTI crude reported modest gains, reaching $22.25 and $15.7 per barrel, respectively.

    The Brent crude price for July delivery rose to over $25 per barrel, according to market data.

    As of 02:54 Moscow time on Monday (23:54 GMT on Sunday), the price of July futures for Brent crude rose 0.93 percent, up to $25.04 per barrel. The price of June futures for Brent crude was $21.64 per barrel.

    The price of June futures for WTI crude fell 1.42 percent in the early hours of Monday, down to $16.7 per barrel.

    Earlier in the month, the price for WTI futures went into negative territory for the first time in history as the effects of the COVID-19 pandemic weaken demand for oil products. On 22 April, June futures for Brent crude oil slumped 26.95 percent to $18.68 per barrel, the lowest price since December 2001.

    To respond to the oil market crisis caused by the pandemic, OPEC+ oil producers reached a new agreement on 12 April to collectively reduce oil production by 9.7 million barrels per day for two months, starting 1 May.

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    Oil Prices Slump, Coronavirus Fears Send Global Economy Into Turmoil (100)

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