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Oil falls due to Ukraine talks, fears of slowing demand in China
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Economy News _ Baghdad
Oil prices fell to their lowest level in two weeks on Tuesday, as cease-fire talks between Russia and Ukraine continued and concerns about demand in China after a surge in coronavirus cases.
Brent crude futures fell $4.44, or 4.15 percent, to $102.46 a barrel by 07:25 GMT, after dropping 5.1 percent the previous day.
US West Texas Intermediate (WTI) crude fell below $100 for the first time since March 1, dropping $4.16, or 4.04%, to $98.85 a barrel. This followed a 5.8% decline the previous day.
Mainland China recorded a big jump in daily COVID-19 infections on Tuesday, as cases of new symptoms more than doubled from the previous day to a two-year high as the virus outbreak expanded rapidly in the country's northeast.
Ukrainian President Volodymyr Zelensky said late on Monday that negotiations with Russia, the world's second-largest crude oil exporter, would continue on Tuesday.
International Energy Agency chief Fatih Birol on Monday urged oil-producing countries to pump more to stabilize markets affected by the war in Ukraine.
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