Oil ends lower as COVID worries outweigh relief over stimulus package

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Oil futures fell Monday, giving up early gains tied to relief over President Donald Trump’s weekend decision to sign an economic aid package. Analysts said concerns over the potential for a post-holiday surge in COVID-19 cases and the prospect of a further loosening of OPEC+ production curbs weighed on crude after an initial pop higher. West Texas Intermediate crude for February delivery lost 61 cents, or 1.3%, to close at $47.62 a barrel on the New York Mercantile Exchange.
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