TODAY LIVE CRUDE OIL NEWS UPDATED BY OCTAMX.COM

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Oil prices pared losses after earlier hitting multi-year lows on Monday as hopes that a bigger than expected production cut from OPEC and stimulus from central banks could offset economic gloom from the coronavirus outbreak. “We think Saudi Arabia will likely be able to rally the rest of the producers for a cut of at least 1+ million bpd.” “On the one hand, it’s pretty negative on worldwide crude oil and product demand,” said Lachlan Shaw, head of commodity research at the National Australia Bank. Flight cancellations and travel bans by countries worldwide sparked fears about the global economy, leading to the biggest weekly stock market rout since the 2008 financial crisis last week.

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