Oil falls below $40 on record US inventories, COVID fears

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LONDON: Oil slipped below $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand. U.S. crude stocks rose 1.4 million barrels to a record high, the Energy Information Administration said on Wednesday.

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