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Oil falls amid concerns about new viral outbreaks, rise in inventories
Oil prices fell in early Asian trading on Wednesday after industry data showed a rise in U.S. crude inventories and concerns mount about a possible second wave of the coronavirus pandemic in countries easing lockdowns. image Traders shrugged off a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, after OPEC’s biggest producer said earlier this week it planned to add to cut again. Brent crude LCOc1 was down 49 cents, or 1.6%, at $29.49 by 0034 GMT, having risen 1.2% on Tuesday. U.S. crude was down 41 cents, or 1.6%, at $25.37 a barrel, after ... (full story)