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Al-Marsad Newspaper – Agencies: Oil prices recorded today, Monday; A hard and brutal landing; And that’s after new lockdowns across Europe and record coronavirus cases in the United States.
Brent, the global benchmark, fell 5% in early morning trade in Asia, hitting levels last seen in May, before slashing losses to trade 2% to $ 37.13 a barrel .
West Texas Intermediate crude, the U.S. index, also fell 2.49% to $ 34.90 a barrel, according to CNN.
Economists fear that the European economy will contract in the fourth quarter, raising fears of another recession, due to the fallout from the Corona virus.
Despite record third quarter GDP growth, the EU economy is still around 4% smaller than it was at the end of September last year.
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