Oil futures drop to their lowest settlement in more than 2 weeks

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Oil futures dropped Thursday to mark their lowest settlement in more than two weeks as concerns over the spread of COVID-19 continued to fuel expectations for weaker energy demand. “Health concerns are persistent, so that has chipped away at traders’ perception of demand,” said David Madden, market analyst at CMC Markets UK. November West Texas Intermediate crude fell $1.50, or 3.7%, to settle at $38.72 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Sept. 15, according to FactSet data.
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