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Oil prices Offered down on persistent oversupply Concerns

US crude stocks fell more than 5 percent in early trade on Monday, paring a week’s profits, on concerns about oil oversupply and tempered hopes for economic recovery as several US cities and states around the planet facilitate coronavirus pandemic limitations.

US West Texas Intermediate (WTI) crude stocks dropped as low as $18.50 a barrel and continue traded down 95 cents, or 4.8 percent, at $18.83. The grading contract climbed 17 per week.