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Oil Extends Losses Amid Virus Surge

Oil prices fell on Monday to extend losses from the previous session amid worries that a surge in new coronavirus infections in several U.S. states and elsewhere around the world could hurt fuel demand.

Benchmark Brent crude dropped 0.4 percent to $40.76 a barrel, while U.S. crude futures were down 0.3 percent at $38.39 a barrel.

Global coronavirus cases exceeded 10 million on Sunday as India and Brazil battled outbreaks of over 10,000 cases daily.

The U.S. is the worst-hit country with over 2.5 million infections, while its death toll exceeds 125,500.

New outbreaks are reported in countries including China, New Zealand and Australia, prompting governments to impose lockdowns and other containment measures.

U.S. Health and Human Services Secretary Alex Azar warned Sunday that the "window is closing" for the United States to get the coronavirus pandemic under control.

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