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NEW YORK- Oil prices edged lower as concerns about the surge in coronavirus cases sapping fuel demand while major crude-producing nations ready increases in output.
The United States reported at least 75,000 new COVID-19 cases on Thursday, a daily record. Spain and Australia reported their steepest daily jumps in more than two months, while cases continued to soar in India and Brazil.
Fuel demand has broadly recovered from a 30 percent drop in April after nations worldwide restricted movements and businesses shuttered. Consumption remains below pre-pandemic levels, however, and fuel purchases are falling again as infections rise. — Reuters
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