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On Tuesday, the price of oil dropped almost 1% due to a decreased in demand from China and the lack of action taken by OPEC+ to stabilize the market. OPEC has been in talks with Russia over the worsening situation on whether to extend further cuts. So far, however, no efforts by any nation have materialized. The price of oil was trading at 57 dollars as of 11 am on Feb. 11.

Coronavirus fears lead to nearly 10% drop in oil markets

On Tuesday, the price of oil dropped almost 1% due to a decreased in demand from China and the lack of action taken by OPEC+ to stabilize the market.

OPEC has been in talks with Russia over the worsening situation on whether to extend further cuts. So far, however, no efforts by any nation have materialized. The price of oil was trading at 57 dollars as of 11 am on Feb. 11.

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