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WTIU - Weekly Energy Recap: Crude Oil Prices Deteriorated Sharply
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Because of copious US shale oil supplies, the West African crude oil market continues to struggle with the ripple effects of the Atlantic basin being awash in crude oil availability. (File/AP)
Crude oil prices deteriorated sharply over the week, with Brent crude falling to $60.69 per barrel, the lowest in nearly two months.
WTI dropped to $54.19 per barrel, the lowest since October 2019. Pessimism seems to be back after fears that China's coronavirus outbreak may dent crude oil demand. Still, China crude oil imports are increasing, and the crude price encourages more buying to