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Oil Prices Slip On Demand Worries As Virus Cases Rise

Oil prices fell on Thursday amid demand concerns as coronavirus infections continued to rise around the world, raising the prospects for lockdowns to be reimposed.

Benchmark Brent crude dropped 46 cents, or 1 percent, to $43.63 a barrel, while U.S. West Texas Intermediate crude futures were down 58 cents, or 1.4 percent, at $40.69.

Both benchmark contracts posted modest gains on Wednesday after official data showed a much larger than expected decline in U.S. crude inventories in the week ended July 24.

China's Covid-19 cases have crossed the 100-mark for the second consecutive day, sparking fears of a second wave of the virus attack in the country.

Elsewhere in India, the single-day increase of coronavirus cases crossed the 50,000-mark for the first time, pushing the country's Covid-19 caseload to 15,83,792.

The three most populous U.S. states set one-day records for Covid-19 deaths on Wednesday, while Brazil, with the world's second-worst outbreak, set new daily records of confirmed cases and deaths.

Elsewhere, data of Europe showed Europe's biggest economy Germany had shrunk by a record 10.1 percent in the second quarter, underscoring how fast the economic outlook has deteriorated.

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